Agenda - 06-07-2005-9b - Laserfiche WebLink

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DRAFT allocations) that were used to pay for additional costs of land acquisition for the project. There is an additional $300,000 in alternative financing contemplated, assuming that CHCCS accomplishes additional srnart growth initiatives related to sidewalks, pedestrian and bicycle access, or related improvements. With the $4.3 million reallocation approved by the BOCC, the total project budget funded by County appropriations would increase to $35,442,000. The scope, structure, and budget of the High School #3 project have to this point been governed by an interlocal agreement between Orange County and CHCCS that was originally approved in June 2003. Several changes in the cost and anticipated funding stream for' the project have taken place during the past two years that would necessitate amendments to the interlocal agreerent and its addenda. As an alternative, and in consultation with the Chair and Vice Chair, the Manager recommends that the BUCC consider proposing to the Board of Education that they agree to terminate the interlocal agreement. Instead, the scope, structure, and budget for the High School #3 project -including the previously agreed upon smart growth provisions -would be governed hereafter by the attached capital project ordinance (or any approved revisions thereto) for the life of that construction project. If the BOCC approves the accompanying capital project ordinance, it will signal the Board's commitment to provide $35,442,000 in County appropriated funding for the third high school project (CHCCS has identified an additional $500,000 in non-County appropriated funds that it intends to budget for the construction project). The Board of Education is tentatively scheduled to approve the revised project budget and award construction bids at its meeting on June 16, 2005. FINANCIAL IMPACT: The table below reflects the revised anticipated funding stream for' the High School #3 construction project. The attached capital project ordinance incorporates these revenues and would appropriate the funds needed by CHCCS to award the HS #3 construction contracts. 2001 Bond Funds on inall earmarked for CHCCS Elementa #10 $12,800,000 Alternative Financing (not relafed fc Smart Growth; originally earmarked for renovations to older school facilities, as identified during the 2001 Capital Needs Adviso Task Force rocess 2,500,000 Alternative Financin relafed to Smart Growth 1,900,000 Pendin Alternative Financin relafed to Smart Growth 300,000 Alternative Financin redirected from Elemenfa #10 4,300,000 Accumulated Im act Fees collected riot to interlocal a reement ado ticn 6,100,000 "Future" Im act Fees collected since interlocal a reement ado tion 3,200,000 Pay-As-You-Go (cash paid from accumulated impact fees for' additional land costs associated with Glover property, to be repaid from future CHCCS PAYG allocaticns 1,142,000 Pay-As-You-Go (in accordance with Option 2 of 60-40 capital funding policy,• to re lace Future Im act Fees earmarked for construction 3,200,000 Total BOCC A ro rioted Fundin for Hi h School #3 $35,442,000 NCDOT Funds 50,000 Sales Tax Reimbursements 450,000 Total Fundin Earmarked for Hi h School #3 $35,942,000 RECOMMENDATION(S): The Manager recomrends that the Board of County Commissioners approve the accorpanying capital project ordinance.