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Agenda - 06-05-2018 6-b - General Obligation Bond Sale for Chapel Hill High School and Approval of Budget Amendment #9-A Related to the FY 2017-18 Capital Investment Plan
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Agenda - 06-05-2018 6-b - General Obligation Bond Sale for Chapel Hill High School and Approval of Budget Amendment #9-A Related to the FY 2017-18 Capital Investment Plan
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BOCC
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6/5/2018
Meeting Type
Regular Meeting
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Agenda
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6-b
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Agenda - 06-05-2018 Regular Board Meeting
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\Board of County Commissioners\BOCC Agendas\2010's\2018\Agenda - 06-05-2018 Regular Meeting
Minutes 06-05-2018
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\Board of County Commissioners\Minutes - Approved\2010's\2018
ORD-2018-023 General Obligation Bond Sale for Chapel Hill High School and Approval of Budget Amendment #9-A Related to the FY 2017-18 Capital Investment Plan
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\Board of County Commissioners\Ordinances\Ordinance 2010-2019\2018
RES-2018-034 Resolution for Sale of School Bonds
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\Board of County Commissioners\Resolutions\2010-2019\2018
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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: November 20, 2017 <br />SUBJECT: Chapel Hill - Carrboro Citv Schools Bond Proiect Update <br />DEPARTMENT: County Manager <br />ATTACHMENT(S): <br />Attachment 1: November 2, 2017 <br />CHCCS Board of <br />Education Abstract <br />Attachment 2: March 21, 2017 County <br />Abstract <br />W, <br />Action Agenda <br />Item No. 6 -a <br />INFORMATION CONTACT: <br />Bonnie Hammersley, 919 - 245 -2300 <br />Gary Donaldson, 919 - 245 -2453 <br />Paul Laughton, 919 - 245 -2152 <br />Dr. Todd LoFrese, 919 - 967 -8211 <br />PURPOSE: To receive an update from the Chapel Hill - Carrboro City Schools ( "CHCCS ") <br />regarding its General Obligation bond referendum funded capital projects and provide feedback <br />to CHCCS. <br />BACKGROUND: On November 8, 2016 voters approved $120 million in School Bonds of which <br />the CHCCS bond allocation is $72.1 million based on Average Daily Membership. The CHCCS <br />allocation was earmarked for two projects; 1) Lincoln Center and 2) Chapel Hill High School. <br />The Lincoln Center project was originally estimated at $21 million and Chapel Hill High School <br />at $51 million. <br />On March 21, 2017, the CHCCS staff updated the Lincoln Center estimate to $25 million and <br />decreased the Chapel Hill High School project from $51 million to $47.1 million (Attachment 2). <br />The updated Lincoln Center project budget of $25 million included both design and construction <br />estimates. The CHCCS staff attributed the Lincoln Center increase to construction cost <br />increases of 5% annually. <br />On October 17, 2017, CHCCS staff updated the Board of Orange County Commissioners <br />(BOCC) regarding its September 2017 bids for the Lincoln Center project. That CHCCS update <br />indicated four base bids and the lowest responsive and responsible bid was significantly over <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 CHCCS <br />bond amount of $5 million to reimburse CHCCS for design expenditures to date on the Lincoln <br />Center and Chapel Hill High School and meet remaining cash flow requirements for design <br />expenditures through the Chapel Hill High School bid openings in April /May 2018. This <br />
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