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14 <br /> <br />agreement, they must provide ten (10) days advance written notice to the other party, which <br />would be October 31, 2018. The Parties are also able to negotiate an extension of this period of <br />time, as well as terminate the agreement by either not accepting the Guaranteed Maximum <br />Price (“GMP”) of the project or not securing approval for the project financing by the Local <br />Government Commission. <br /> <br />Carrboro is prepared to appropriate $10,000,000 for its portions of the project and has also <br />appropriated adequate funds for its portion of the design costs. The County anticipates making <br />its funds available on a reimbursement basis to Carrboro in accordance with the Development <br />Agreement and other governing documents. The contemplated total capital project cost for the <br />entire development is estimated at $15,000,000. The latest project cost estimates are expected <br />to be provided and analyzed by staff in time for the October 25, 2018 joint meeting. <br /> <br />Bonnie Hammersley said this will be an item on the agenda with the Town of Carrboro <br />next week. She said there is more work to do on this, but cost estimates have recently been <br />received, which are much higher than the budgeted amount. She said she has talked with the <br />Carrboro Town Manager about the costs, but she does not think the costs will be available by <br />next week. She said tonight will provide an update on the planning thus far. <br /> <br />Commissioner McKee arrived at 8:18 p.m. <br /> <br />Jeff Thompson, Asset Management Services Director began following PowerPoint <br />presentation: <br /> <br />“The 203 Project” <br />Orange County Southern Branch Library <br />- Update - <br />October 16, 2018 <br /> <br />Purpose <br />To receive an update on “The 203 Project,” including the design process and key points within <br />the development agreement between Orange County and the Town of Carrboro. <br /> <br />Background <br />• In October 2017, the Board of Orange County Commissioners approved the <br />development agreement between the Town of Carrboro and Orange County at 203 S. <br />Greensboro St. in Carrboro. <br />• The building will house the Orange County Southern Branch Library, Town of Carrboro <br />Recreation and Parks Dept., The ArtsCenter, and WCOM-FM <br />• The Board has received information item updates as the development agreement <br />process has progressed. <br /> <br />Timeline of Key Developments <br />• March 2018: Carrboro engaged Perkins + Will as the project architect and titled the <br />project “The 203 Project.” <br />• May-Aug. 2018: Carrboro held 4 public input sessions. Perkins + Will received over 300 <br />responses either in person or online. <br />• June-Sept. 2018: Joint meetings with Carrboro, Orange County, The ArtsCenter and <br />WCOM-FM to process input sessions, plan for shared spaces, examine cost-benefit <br />relationships, and to review site and space planning options.