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8 <br /> 0 203 South Greensboro Project as Amended—$8.7 million <br /> In March of 2021, the Board of Commissioners considered options to fully fund the <br /> estimated cost of construction for the 203 South Greensboro Project following an <br /> escalation of approximately$1.8 million in costs associated with the parking structure. <br /> The Board deferred $950,000 in other projects to accommodate this increase and <br /> modified other elements of the project budget to result in a net increase of <br /> approximately $275,000 in new borrowing required to proceed with the project. <br /> Based on the current project schedule,the Construction Manager at Risk is scheduled <br /> present a guaranteed maximum price in October of 2021 with the facility opening in <br /> early 2023. <br /> The CIP also continues to recognize the additional operating expenses that will be <br /> required to operate the new Library. The net new operating costs are currently <br /> estimated at approximately $537,670 annually after deducting the operating costs <br /> associated with the two existing County funded library resources in the Town of <br /> Carrboro. <br /> o Sustainability Projects -$50,000 <br /> The Capital Investment Plan includes an annual recommendation of$50,000 per year <br /> to design and implement Sustainability and renewable energy projects on County <br /> property. A portion of funding ($10,000) is set aside to provide a local match for <br /> sustainability grant programs. The balance of funds ($40,000) is recommended for <br /> lighting upgrades and to facilitate the further electrification of the County's vehicle <br /> fleet. <br /> Economic Development Investments <br /> In FY2017-18, the Board authorized funding to conduct an analysis of the County's Economic <br /> Development Districts (EDD's). This report highlighted the importance of having sites that are <br /> prepared for development including the availability of water and sewer service. The County has <br /> previously appropriated over $5.5 million to build out water and sewer infrastructure in the <br /> economic development districts to stimulate commercial and industrial development and job <br /> creation. <br /> Debt service on water and sewer projects is paid using the portion of Article 46 sales tax <br /> revenue dedicated to economic development. Likewise, the improvements to the PFAP <br /> facility are recommended to be funded using Article 46 Economic Development sales tax fund <br /> balance. <br /> o Sewer Extension in the Buckhorn EDD-$1,235,000 <br /> The recommended CIP for FY2021-22 adds $1,235,000 to fund sewer installation and <br /> associated project management in the Buckhorn EDD. This project will extend sewer <br /> service under the interstate to a 200 acre area that has rail access. This area is known <br /> as "Area A" in the new Buckhorn Area Plan. Consistent with other sewer extensions <br /> Page 16 <br />