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4 <br /> The first phase of this plan was funded by the successful 2016 School Bond referendum and <br /> included the redevelopment of the Lincoln Center Campus and renovations at Chapel Hill High <br /> School. The Lincoln Center Campus project included a new building housing centralized Pre K <br /> classrooms on the first floor, central office staff on the second floor, a new Phoenix Academy <br /> building and a relocated warehouse to an area next to the Transportation Center. <br /> The Chapel Hill High School project includes two new academic buildings for classrooms, <br /> renovations to the Cultural Arts and gymnasium/cafeteria buildings, site improvements <br /> addressing stormwater issues and better vehicle/bus options for entrance and egress. <br /> The district receives $73 million from the bond proceeds. $25 million was allocated to the <br /> Lincoln Center Campus project and $48 million was earmarked for the CHHS project. <br /> Construction bids for the Lincoln Center Campus were opened on September 28, 2017 with only <br /> 4 companies participating. The 4 base bids were extremely close ranging from $35.3 million to <br /> $35.8 million and obviously greatly exceeded budget. <br /> Today's construction market is extremely volatile. The long economic recession forced many <br /> companies to abandon the market resulting in less competition. As more publically funded <br /> projects come online, the past few years has seen local construction costs escalate rapidly <br /> especially over the past year. The fact that our budget estimates were 4 years old added to the <br /> cost discrepancy. <br /> At this point, the administration offers two options that are outlined as follows. <br /> Option 1 —Proceed with the Lincoln Center Campus redevelopment with a decreased scope <br /> of work,value engineering reductions to the bid and supplemental funding. Additional <br /> local funding has been identified and outlined in the attachment. <br /> The following financials are suggested: <br /> Low base bid $ 34,374,900 - gymnasium improvements are deferred <br /> Alt. 16 97,000 —energy management controls <br /> Value Engineering Reductions (1,200,000)—VE review continues with final reduction TBD <br /> Town of CH reimbursement <br /> for off-site work ( 500,000) <br /> NET construction cost 32,771,900 <br /> Revised Project Budget <br /> Construction 32,771,900 <br /> Professional Fees 1,900,000 <br /> Furniture/Equipment 1,000,000 <br /> Contingency—3.5% 1,150,000 <br /> PROJECT COST $ 36,821,900 <br />