Agenda 03-21-2017 - 6-b - Revisions to Schools FY 2016-17 CIP and Approval of Property Acquisition

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2 The Orange County Schools project list is being updated to include the acquisition of the Orange Charter School facility for $3.1 million with an offsetting reduction in the Cedar Ridge High School project. The balance of the Cedar Ridge High School project is anticipated to be funded using existing impact fee revenue due to its impact on school capacity. The Orange Charter School acquisition cost will be reimbursed through the scheduled Fall General Obligation Bond sale. Orange Charter School has expanded its K-8 charter to include high school grades and is constructing a consolidated campus at a new location, which has prompted the property acquisition. The Chapel Hill-Carrboro City Schools project list increases the amount of funds allocated to the Lincoln Center Campus Redevelopment and reduces the amount allocated to Chapel Hill High School. The 2013 Facilities Assessment estimated the Lincoln Center project at $21 million. The District recently received an updated cost estimate of approximately $24.6 million. The District reports that this increase is primarily driven by construction cost increases of approximately 5% annually. The Chapel Hill High School project is now budgeted at approximately $47 million to offset the increase in the Lincoln Center project and to account for the allocation of bond funds based on the average daily membership that was authorized in the FY2016-17 Budget. The approval of these CIP changes is independent from obtaining appropriate land use approvals from the respective municipal land use and zoning authorities. FINANCIAL IMPACT: There is no additional financial impact from these changes to the FY 2016-17 CIP. SOCIAL JUSTICE IMPACT: There is no Orange County Social Justice Goal impact associated with this item. RECOMMENDATION(S): The Manager recommends that the Board approve the amendments to the FY 2016-17 Capital Investment Plan and the attached list of projects including the acquisition of the Orange Charter School Facility.