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2 <br /> additional time allows CHCCS to determine a definitive funding plan for both bond projects. <br /> County staff would then present a revised funding application and recommendation of issuing <br /> remaining first tranche bonds for CHCCS in March/April 2018 to the Local Government <br /> Commission. <br /> The CHCCS Administration is presenting the following two options: <br /> Option 1: Proceed with the Lincoln Center Redevelopment project <br /> Sources <br /> Bond Proceeds $28,845,900 <br /> CHCCS Fund Balance $5,576,000 <br /> CIP Reprioritization $2,400,00 <br /> Total $36,821,900 <br /> Uses <br /> Construction $32,771,900 A <br /> Professional Fees $1,900,000 <br /> Furniture/Equipment $1,000,000 <br /> Contingency-3.5% $1,150,000 <br /> Total $36,821,900 <br /> A) CHCCS revised construction estimate includes deferment of gymnasium <br /> improvements, $1.2 million in Value Engineering reductions, $500,000 decrease due <br /> to a projected Town of Chapel Hill reimbursement for off-site work, and $97,000 <br /> increase for energy management controls. <br /> Option 2: Defer decision on Lincoln Center Redevelopment project until Chapel Hill High <br /> School construction bids are opened in March/April 2018 timeframe <br /> Benefits Challenges <br /> Provides certainty regarding cost of both Proceeding with only Chapel Hill High School <br /> projects and aligns with the Local Government means centralizing Pre-K and expansion of <br /> Commission policy for bond financing projects Phoenix Academy not realized <br /> FINANCIAL IMPACT: The County's Debt Affordability and Operating Fund does not have any <br /> existing sources of funds above the $72.1 million allocated for these two CHCCS projects. <br /> Additionally, the annual loss of approximately $3 million in Impact Fees further exacerbates this <br /> funding issue. The Manager recommends that the BOCC defer any final decision until receiving <br /> the County's Five Year Financial Forecast at the January 2018 BOCC Retreat. <br /> SOCIAL JUSTICE IMPACT: There is no Orange County Social Justice Goal impact associated <br /> with this item. <br /> RECOMMENDATION(S): The Manager recommends that the Board receive an update from <br /> Chapel Hill-Carrboro City Schools regarding its General Obligation bond funded capital projects <br /> and provide feedback to CHCCS staff. <br />