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DRAFT .3
<br />High School #3
<br />Chapel Hill-Carrboro City Schools
<br />Capital Project Ordinance
<br />Be it ordained by the Orange County Board of County Commissioners that pursuant to Section 13.2 of
<br />Chapter 159 of the General Statutes of North Carolina, the following capital project is hereby adopted,
<br />Section 1. The project authorized provides funds for the Chapel Hill-Carrboro City Schools to acquire
<br />property for, and to design, construct, and equip a new high school facility to be located on
<br />Rock Haven Road, in the vicinity of the intersection of Smith Level Road and Culbreth
<br />Road. Anticipated revenues for the project consist of 2001 voter approved bond funds,
<br />school construction impact fees, pay-as-you-go funding through sales tax receipts, and
<br />alternative financing through a private placement loan or similar debt instruments.
<br />Section 2. The officers of the County aze hereby directed to proceed with the project within the budget
<br />contained herein,
<br />Section 3. The following revenue is anticipated to complete this project:
<br /> lIl'U4~[rFY-
<br />2003-04 -
<br />FY 2004-05
<br />2004-OS
<br />Sales Tax $0 $4,342,000 $4,342,000
<br />School Construction
<br />Irnpact Fees
<br />$4,634,697
<br />_ $4,665,303
<br />__ $9,300,000
<br />Alternative Financing $0 $9,000,000 $9,000,000
<br />2001 Bonds $0 $12,800,000 $12,800,000
<br />Other $0 $0 $0
<br />Total Fundin $4,634,697 $30,807,303 $35,442,000
<br />Section 4. The following amount is appropriated for this project:
<br /> Through FY
<br />2003-04
<br />FY 2004.05 Through FY
<br />2004-05
<br />Constrvction $0 $26,697,803 $26,697,803
<br />Site ' ition $3,531,697 $0 $3,531,697
<br />Site bevel $0 $0 $0
<br />Fees $1,103,000 $1,059,500 $2,162,500
<br />Furnishings -- $800,000 $800,000
<br />Technology $0 $1,000,000 $1,000,000
<br />Construction Contingency $0 $750,000 $750,000
<br />Oue-Tirr~ Start Costs $0 $500,000 $500,000
<br />Total Cos $4,634,697 $30,807,303 $35,442,000
<br />Section 5. Although not a part of the County appropriation for the High School #.3 project, it is noted
<br />here for reference purposes that the Chapel Hill-Carrboro Board of Education intends to
<br />appropriate an additional $500,000 ($450,000 from sales tax reimbursements and $50,000 in
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