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additional time allows CHCCS to <br />County staff would then present a <br />remaining first tranche bonds fo <br />Commission. <br />21 <br />determine a definitive funding plan for both bond projects. <br />revised funding application and recommendation of issuing <br />CHCCS in March /April 2018 to the Local Government <br />The CHCCS Administration is presenting the following two options: <br />Option 1: Proceed with the Lincoln Center Redevelopment project <br />Sources <br />Challenges <br />Bond Proceeds <br />$28,845,900 <br />CHCCS Fund Balance <br />$5,576,000 <br />CIP Reprioritization <br />$2,400,00 <br />Total <br />$36,821,900 <br />Uses <br />Construction <br />$32,771,900 <br />Professional Fees <br />$1,900,000 <br />Furniture /Equipment <br />$1,000,000 <br />Contingency -3.5% <br />$1,150,000 <br />Total <br />$36,821,900 <br />A) CHCCS revised construction estimate includes deferment of <br />improvements, $1.2 million in Value Engineering reductions, $500,000 <br />to a projected Town of Chapel Hill reimbursement for off -site work, <br />increase for energy management controls. <br />gymnasium <br />decrease due <br />and $97,000 <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 />Challenges <br />Provides certainty regarding cost of both <br />Proceeding with only Chapel Hill High School <br />projects and aligns with the Local Government <br />means centralizing Pre -K and expansion of <br />Commission policy for bond financing projects <br />Phoenix Academy not realized <br />FINANCIAL IMPACT: The County's Debt Affordability and Operating Fund does not have any <br />existing sources of funds above the $72.1 million allocated for these two CHCCS projects. <br />Additionally, the annual loss of approximately $3 million in Impact Fees further exacerbates this <br />funding issue. The Manager recommends that the BOCC defer any final decision until receiving <br />the County's Five Year Financial Forecast at the January 2018 BOCC Retreat. <br />SOCIAL JUSTICE IMPACT: There is no Orange County Social Justice Goal impact associated <br />with this item. <br />RECOMMENDATION(S): The Manager recommends that the Board receive an update from <br />Chapel Hill - Carrboro City Schools regarding its General Obligation bond funded capital projects <br />and provide feedback to CHCCS staff. <br />