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I Option 4 completes all of the project components and funds the full <br /> 2 project scope as requested by the project stakeholders. Option 4 would <br /> 3 require an additional $8.8 million in authorized funds. <br /> 4 <br /> 5 Northern Campus Options and Five Year Debt to General Fund Revenue Policy- graph <br /> 6 <br /> 7 <br /> 8 The Board of County Commissioners has established a debt to general fund revenue policy of <br /> 9 fifteen percent (15%). Given the amount of debt that the County has issued and plans to issue <br /> 10 in the approved Capital Investment Plan, that target is exceeded in FY2022, 2023, and 2024. <br /> 11 Adding budget authorization in Options 2, 3, and 4 will have some impact on this metric. Option <br /> 12 4, for example, adds $8.8 million to the project budget and increases the debt to revenue <br /> 13 measure from 17.79% to 18.13% in 2022, an increase of 0.34%. <br /> 14 <br /> 15 Travis Myren said the yellow sheet provides an updated abstract. He made the <br /> 16 following PowerPoint presentation: <br /> 17 <br /> 18 Northern County Campus Project Review Schematic Design Cost Estimate <br /> 19 Board of Orange County Commissioners <br /> 20 February 5, 2019 <br /> 21 <br /> 22 Northern Campus Development Plan <br /> 23 Purpose <br /> 24 o To review schematic design cost estimates for the County's Northern County <br /> 25 Campus and consider budget adjustments to the project. <br /> 26 <br /> 27 Preconstruction Process and Schedule <br /> 28 • Schematic Design: January 2019 <br /> 29 • Design Development: February 2019 <br /> 30 • Construction Drawings: July 2019 <br /> 31 • Bid Process: August 2019 <br /> 32 • Guaranteed Maximum Price: September 2019 <br /> 33 • <br /> 34 Northern Campus Development Plan- site plan <br /> 35 <br /> 36 Schematic Design Cost Estimates - table <br /> 37 <br /> 38 What Has Changed Since Original Cost Estimates? <br /> 39 • Acquisition Costs & New Site <br /> 40 o $400,000 Acquisition Not Included in Original Budget <br /> 41 o Larger Site Not Part of Original Budget - $1 million <br /> 42 • Time <br /> 43 o Detention Center Budgeted in 2012 <br /> 44 o Environment and Agriculture Center Budgeted in 2014 <br /> 45 o Parks Operation Base Budgeted in 2013 <br /> 46 • Construction Environment <br /> 47 o 7% Inflationary Adjustment Included in New Estimates <br /> 48 <br /> 49 Recent History- Cost per Square Foot-graph <br />