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12 <br /> Triangle area. He said due to these increases, the Chapel Hill High School project was also <br /> reviewed and showed an increase. He said there is a shortfall of$25-30 million to carry out <br /> these two projects. <br /> Todd LoFrese said the district met with the School Board, who has asked the district to <br /> return with options at the November 2nd meeting. He said the district knows that there is not <br /> enough money and it is looking at other areas within its own means, but also anticipates <br /> having a conversation with the Commissioners. <br /> Commissioner McKee asked if, during internal discussions, the district has considered <br /> terminating one project in order build the other. <br /> Todd LoFrese said the CHCCS Board asked for as many options as possible. He said <br /> the administration does not see many good options. He said if the Lincoln Center project is <br /> greatly scaled back, it will decrease the ability to increase capacity, which was one of the goals <br /> of the project; especially when considering the class size legislation. He said Chapel Hill High <br /> School is beyond disrepair and should be the top priority. He said CHCCS would rather build <br /> both as planned, but the district must live within its means. <br /> Commissioner McKee agreed with the prioritization of Chapel Hill High School. <br /> Commissioner Jacobs said when CHCCS was deciding which projects to bring forward, <br /> did CHCCS consider costing some the elementary schools via a second bond. <br /> Todd LoFrese said that is not a good option either, since CHCCS needs the elementary <br /> schools improved in order to increase capacity. He said those costs will have gone up as well, <br /> and these projects are at least two years away. He added that construction costs are likely to <br /> rise even further. <br /> Chair Dorosin said there is a long arc between the presentation of these projects and <br /> them going out to bid. He asked if, given this long amount of time, inevitable increases are <br /> built into the budgets. <br /> Bonnie Hammersley said estimates were increased by 5% in anticipation of rising <br /> construction costs. <br /> RES-2017-066 <br /> Resolution to Adjust the Bond Sale Amounts <br /> WHEREAS On October 3, the Board of Commissioners approved the sale of general <br /> obligation bonds for various purposes. Based on the results of construction bids for school <br /> projects and upon the direction of the Local Government Commission, the County must reduce <br /> the amount of voter-approved school bonds to be sold, from $40 million to $21 million. This <br /> resolution approves that change. <br /> BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North <br /> Carolina, that the bonds to be sold pursuant to the October 3 resolution will be (a) $21,000,000 <br /> of voter-approved school bonds, (b) $2,500,000 of voter-approved affordable housing bonds, <br /> and (c) $5,900,000 of"two-thirds" school bonds. The Finance Officer may approve a further <br /> change in the amount of any bonds to be sold, upon the advice of the LGC and up to the <br /> amounts previously specified in the October 3 resolution. All other provisions of the October 3 <br /> resolution are confirmed. <br /> A motion was made by Commissioner Burroughs, seconded by Commissioner Price for <br /> the Board to approve the revised Resolution to Adjust the Bond Sale Amounts. <br /> VOTE: UNANIMOUS <br />