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68 <br /> THE PROJECTS <br /> Proceeds of the 2019B Bonds will be used to finance a variety of County projects. The County <br /> has adopted a practice of completing an annual financing to finance a broad range of acquisitions and <br /> improvements, so as to reduce its frequency of transactions and to handle projects that do not lend <br /> themselves conveniently to separate financings. The projects included in the current financing can be <br /> summarized, and the current estimates of the costs thereof, as follows: <br /> Category Estimated Cost <br /> Northern Campus Project: site preparation for new detention center, agriculture- $6,880,837 <br /> environment center, and parks and recreation administration building <br /> Southern Campus Project: improvements to the driveway and access road to the 4,675,000 <br /> Southern Campus,as well as providing additional parking <br /> Seymour Center Expansion 990,000 <br /> River Park Phase II 160,000 <br /> Link Center Remediation 6,500,000 <br /> Passmore Center Remediation 199,114 <br /> Sportsplex Improvements/Equipment 605,036 <br /> Community Loan Fund 224,340 <br /> Vehicle Replacements 998,550 <br /> Whitted Building—Elevator Work 154,000 <br /> Emergency Services Building Remediation 324,000 <br /> Total $21,710,877 <br /> THE MORTGAGED PROPERTY <br /> The 2019B Bonds, the Prior Bonds and any Additional Bonds will be secured by the Mortgaged <br /> Property. The Mortgaged Property includes the County's Government Services Annex, the Emergency <br /> Operations Center, the Visitors Center, the Link Center, the District Attorney's Building, the County's <br /> Southern Campus (all as described below), and the associated real estate, and the planned site for the <br /> County's proposed new Northern Campus (as further described below). The "Mortgaged Property" is <br /> defined in the Modified Deed of Trust to include these facilities and real estate, and any additional <br /> improvements to the facilities and real estate,but generally does not include any equipment or furnishings <br /> associated with the property. <br /> Government Services Annex. The Government Services Annex is a one-story building consisting <br /> of approximately 12,000 square feet on an approximately 9.32-acre site located at 208 South Cameron <br /> Street in Hillsborough, North Carolina. The Government Services Annex currently houses the County's <br /> Board of Elections and related functions. The County has owned this property since it was built in 1968. <br /> The County estimates the insured value of this building (not including the equipment associated with the <br /> building, which is generally not part of the Mortgaged Property) to be approximately $1.6 million. The <br /> Government Services Annex lies on the same platted lot as other County buildings and the Modified <br /> Deed of Trust allows the County to release either or both of those other buildings (along with the <br /> associated real estate, ingress and egress, and related parking) at any time at the County's option, even <br /> during the continuation of an Event of Default. <br /> 12 <br />