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32 <br /> 1 <br /> 2 Option #4 <br /> 3 <br /> 4 This option would increase the budgeted amount for the project to accommodate the schematic <br /> 5 design cost estimate. It would add $1,807,160 to the project budget. This option would require <br /> 6 a budget amendment. Borrowing an additional $1,807,160 would add up to $160,000 in annual <br /> 7 debt service payments. <br /> 8 <br /> 9 Option #5 <br /> 10 This option increases the project budget by $1,807,160 but also provides $950,000 in offsetting <br /> 11 project reductions in the Capital Investment Plan (CIP) to reduce the overall impact on the <br /> 12 County's debt requirements to $857,160. Specifically, the Board could choose to eliminate the <br /> 13 conservation easement project budgeted in Year 1 of the CIP and eliminate the Justice Center <br /> 14 generator project. The conservation easement project is funded by $500,000 in debt financing <br /> 15 while the generator project is funded with $450,000 in debt financing. This option would also <br /> 16 require a budget amendment. <br /> 17 <br /> 18 Next Steps <br /> 19 Assuming that the library space is constructed and fully functional, it will require an increase in <br /> 20 annual operating costs of approximately $538,000. This new resource may also shift library <br /> 21 usage from the Chapel Hill library to the County's Southern Branch site. Since FY 14-15, <br /> 22 Orange County has contributed $568,139 annually to support library services to Orange County <br /> 23 residents who live outside the municipal limits of the Town of Chapel Hill. When the Southern <br /> 24 Branch Library is open, County staff will evaluate the impact the new branch has on the demand <br /> 25 for services at the Chapel Hill Library. This analysis will inform funding decisions that will be <br /> 26 necessary to operate the Southern Branch Library. <br /> 27 <br /> 28 Travis Myren, Deputy County Manager made the following PowerPoint presentation: <br /> 29 <br /> Agenda Ittm GA. <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> 203 South Greensboro Project <br /> Board of Orange County Commissioners <br /> March 2,2021 <br /> 30 <br /> 31 <br /> 32 <br /> The 203 Project—An Evolution <br /> • Long His[aryot l]iscussion <br /> • CurrentGbrery lnvestrnents <br /> -Maln araneM-Nebamy3e <br /> -Cyfirary aMcouye Elememary Locailms-CanLorc <br /> sioo.iasanmw gemrg rase <br /> -ccn4 AW h chapH Hill Lb.T <br /> SM0,1a3Mnuei tyauiq famnbWm <br /> ORANGE COUNTY <br /> 33 �e„ mA <br />