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32 <br /> This option only reduces the number of parking stalls to the minimum required under the <br /> Town's ordinance. This option does not contemplate replacing an additional 20 spaces with <br /> leased stalls. <br /> • Shell out library and eliminate the library FFE budget - $1,262,000 <br /> This option would defer construction of the library portion of the facility but preserve the buildout <br /> of the library at a future date when funds become available. Shelling out the space would save <br /> $512,000. Since the library would not be functional, this option also eliminates $750,000 <br /> associated with the library's FFE budget. <br /> • Smaller reduction of FFE for Skills Development - $84,390 <br /> This reduction would leave $415,610 for FFE in the Skills Development Center which would be <br /> sufficient to eliminate or minimize the reuse of furniture and equipment. <br /> • Maintain construction contingency reduction from five percent (5%) to (4.5%) — <br /> 58,800 <br /> This option maintains the same contingency reduction as Option #1. <br /> Option #4 <br /> This option would increase the budgeted amount for the project to accommodate the schematic <br /> design cost estimate. It would add $1,807,160 to the project budget. This option would require <br /> a budget amendment. Borrowing an additional $1,807,160 would add up to $160,000 in annual <br /> debt service payments. <br /> Option #5 <br /> This option increases the project budget by $1,807,160 but also provides $950,000 in offsetting <br /> project reductions in the Capital Investment Plan (CIP) to reduce the overall impact on the <br /> County's debt requirements to $857,160. Specifically, the Board could choose to eliminate the <br /> conservation easement project budgeted in Year 1 of the CIP and eliminate the Justice Center <br /> generator project. The conservation easement project is funded by $500,000 in debt financing <br /> while the generator project is funded with $450,000 in debt financing. This option would also <br /> require a budget amendment. <br /> Next Steps <br /> Assuming that the library space is constructed and fully functional, it will require an increase in <br /> annual operating costs of approximately$538,000. This new resource may also shift library <br /> usage from the Chapel Hill library to the County's Southern Branch site. Since FY 14-15, <br /> Orange County has contributed $568,139 annually to support library services to Orange County <br /> residents who live outside the municipal limits of the Town of Chapel Hill. When the Southern <br /> Branch Library is open, County staff will evaluate the impact the new branch has on the <br /> demand for services at the Chapel Hill Library. This analysis will inform funding decisions that <br /> will be necessary to operate the Southern Branch Library. <br /> Travis Myren, Deputy County Manager made the following PowerPoint presentation: <br />