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4 <br /> 1 Following the CHCCS staff update on November 2, 2017, the BOCC approved an initial <br /> 2 CHCCS bond amount of$5 million to reimburse CHCCS for design expenditures to date on the <br /> 3 Lincoln Center and Chapel Hill High School and meet remaining cash flow requirements for <br /> 4 design expenditures through the Chapel Hill High School bid openings in April/May 2018. This 1 <br /> 5 additional time allows CHCCS to determine a definitive funding plan for both bond projects. <br /> 6 County staff would then present a revised funding application and recommendation of issuing <br /> 7 remaining first tranche bonds for CHCCS in March/April 2018 to the Local Government <br /> 8 Commission. <br /> 9 <br /> 10 The CHCCS Administration is presenting the following two options: <br /> 11 <br /> 12 Option 1: Proceed with the Lincoln Center Redevelopment project <br /> 13 Sources <br /> 14 Bond Proceeds $28,845,900 <br /> 15 CHCCS Fund Balance $5,576,000 <br /> 16 CIP Reprioritization $2,400,000 <br /> 17 Total $36,821,900 <br /> 18 <br /> 19 Uses <br /> 20 Construction $32,771,900 <br /> 21 Professional Fees $1,900,000 <br /> 22 Furniture/Equipment $1,000,000 <br /> 23 Contingency-3.5% $1,150,000 <br /> 24 Total $36,821,900 <br /> 25 A) CHCCS revised construction estimate includes deferment of gymnasium <br /> 26 improvements, $1.2 million in Value Engineering reductions, $500,000 decrease <br /> 27 due to a projected Town of Chapel Hill reimbursement for off-site work, and <br /> 28 $97,000 increase for energy management controls. <br /> 29 <br /> 30 Option 2: Defer decision on Lincoln Center Redevelopment project until Chapel Hill High <br /> 31 School construction bids are opened in March/April 2018 timeframe <br /> 32 <br /> 33 Benefits <br /> 34 Provides certainty regarding cost of both projects and aligns with the Local Government <br /> 35 Commission policy for bond financing projects. <br /> 36 <br /> 37 Challenges <br /> 38 Proceeding with only Chapel Hill High School means centralizing Pre-K and expansion of <br /> 39 Phoenix Academy not realized. <br /> 40 <br /> 41 Todd LoFrese, CHCCS Assistant Superintendent, made the following PowerPoint <br /> 42 presentation: <br /> 43 <br /> 44 Bond Project Update and Capital Funding Needs <br /> 45 November 20, 2017 <br /> 46 <br /> 47 The Why <br /> 48 • 2010-2012 Study of our 10 Oldest Facilities <br /> 49 0 Address health, safety, and security <br /> 50 0 Increase capacity <br />