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14 <br /> 1 <br /> 2 C. Cost Allocation & the Associated Timeframe for Agreement: Since the Schematic Design is <br /> 3 largely complete, the County and Town are now within the 45 day period of evaluating the <br /> 4 design and its estimated costs (Article IV, Section A): <br /> 5 "The parties acknowledge that Exhibit C represents their general understanding <br /> 6 of the cost sharing; however, the parties agree to negotiate in good faith the fair <br /> 7 and equitable share of all costs associated with this project as soon as possible <br /> 8 after the Schematic Design work is completed. If the parties are unable to come <br /> 9 to an agreement within forty-five (45) days after the Schematic Design <br /> 10 Acceptance date of September 26, 2018, then either party may terminate this <br /> 11 agreement by providing ten (10) days advance written notice to the other party of <br /> 12 its intention to terminate this agreement." <br /> 13 This agreement must be completed by day 45 after the Schematic Design Acceptance Date, or <br /> 14 by November 9, 2018. As outlined in the section, if any party is intending to terminate this <br /> 15 agreement, they must provide ten (10) days advance written notice to the other party, which <br /> 16 would be October 31, 2018. The Parties are also able to negotiate an extension of this period of <br /> 17 time, as well as terminate the agreement by either not accepting the Guaranteed Maximum <br /> 18 Price ("GMP") of the project or not securing approval for the project financing by the Local <br /> 19 Government Commission. <br /> 20 <br /> 21 Carrboro is prepared to appropriate $10,000,000 for its portions of the project and has also <br /> 22 appropriated adequate funds for its portion of the design costs. The County anticipates making <br /> 23 its funds available on a reimbursement basis to Carrboro in accordance with the Development <br /> 24 Agreement and other governing documents. The contemplated total capital project cost for the <br /> 25 entire development is estimated at $15,000,000. The latest project cost estimates are expected <br /> 26 to be provided and analyzed by staff in time for the October 25, 2018 joint meeting. <br /> 27 <br /> 28 Bonnie Hammersley said this will be an item on the agenda with the Town of Carrboro <br /> 29 next week. She said there is more work to do on this, but cost estimates have recently been <br /> 30 received, which are much higher than the budgeted amount. She said she has talked with the <br /> 31 Carrboro Town Manager about the costs, but she does not think the costs will be available by <br /> 32 next week. She said tonight will provide an update on the planning thus far. <br /> 33 <br /> 34 Commissioner McKee arrived at 8:18 p.m. <br /> 35 <br /> 36 Jeff Thompson, Asset Management Services Director began following PowerPoint <br /> 37 presentation: <br /> 38 <br /> 39 "The 203 Project" <br /> 40 Orange County Southern Branch Library <br /> 41 - Update - <br /> 42 October 16, 2018 <br /> 43 <br /> 44 Purpose <br /> 45 To receive an update on "The 203 Project," including the design process and key points within <br /> 46 the development agreement between Orange County and the Town of Carrboro. <br /> 47 <br /> 48 Background <br />