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4 <br /> budget. The four base bids for the Lincoln Center ranged from $35.3 million to $35.8 million <br /> which exceeds the County's CIP Funding and Debt Affordability parameters. <br /> Following the CHCCS staff update on November 2, 2017, the BOCC approved an initial <br /> CHCCS bond amount of$5 million to reimburse CHCCS for design expenditures to date on <br /> the Lincoln Center and Chapel Hill High School and meet remaining cash flow requirements for <br /> design expenditures through the Chapel Hill High School bid openings in April/May 2018. This <br /> 1 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 $2,400,000 <br /> Total $36,821,900 <br /> Uses <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 /> 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 <br /> due to a projected Town of Chapel Hill reimbursement for off-site work, and <br /> $97,000 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 <br /> Provides certainty regarding cost of both projects and aligns with the Local Government <br /> Commission policy for bond financing projects. <br /> Challenges <br /> Proceeding with only Chapel Hill High School means centralizing Pre-K and expansion of <br /> Phoenix Academy not realized. <br /> Todd LoFrese, CHCCS Assistant Superintendent, made the following PowerPoint <br /> presentation: <br /> Bond Project Update and Capital Funding Needs <br /> November 20, 2017 <br />