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5 <br /> Funding Sources <br /> Bond Proceeds 28,845,900 <br /> Fund Balances/other 5,576,000 <br /> CIP contingency 2,400,000 <br /> TOTAL $ 36,821,900 <br /> Benefits <br /> • Centralized Pre K is accomplished and its advantages realized: appropriate environment, <br /> increased opportunities for targeted interventions, improved access for exceptional <br /> children, improved occasions for staff development and coaching, better support for new <br /> teachers. <br /> • Provides the most immediate increase in elementary school capacity— 189 permanent <br /> seats plus the repurpose of 8 mobile units. This positions the district to better meet the <br /> needs for class size reductions and/or student growth. <br /> • Expansion of Phoenix Academy is achieved and high school capacity is increased by 90 <br /> seats. <br /> • The district's investment in the project is safeguarded. <br /> • Proceeding now avoids re-bidding the project. <br /> Challenges <br /> • Remaining $44.2 million Bond proceeds for Chapel Hill High School. <br /> • Potential exists for major revisions and decreased scope of work to CHHS project. <br /> • Begin discussions to identify additional funding for CHHS. <br /> Option 2 —Defer decisions until CHHS construction bids are opened in March/April 2018. <br /> Benefits <br /> • Waiting provides certainty regarding the cost of the two projects. <br /> • Using current construction bid costs, if the total CHHS project is done with building <br /> additions and renovations, the remaining Bond funds of$9-10M could be directed to <br /> improve Lincoln Center buildings or other smaller projects. <br /> • CHHS project produces an increase in high school capacity of 105 seats. <br /> Challenges <br /> • Proceeding with only the CHHS project means the centralization of Pre K and expansion <br /> of Phoenix Academy are not realized and their resulting benefits not achieved. <br /> • Abandoning centralized Pre K halts the increase in elementary school capacity thereby <br /> eliminating possibilities to accommodate class size reductions and/or student growth. <br /> • If the Lincoln Center Campus project is re-visited in 2018, construction cost needs to be <br /> re-bid. <br />