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Bonds for Elementary #10 $12,800,000 <br />Impact Fees, Balance $ 3,240,231 <br />Impact Fees, Budgeted $ 6,400,000 <br />Alternative Financing by County $ 5,100,000 <br />Financing by District $ 6,326,700 <br />Total $33,866,931 <br />The plan uses the impact fee balance to pay the debt service on the borrowed funds and <br />dedicates the entire budgeted impact fees to the project during the course of <br />construction. The borrowed $6,326,700 makes up the difference between the County <br />Commissioner funding plan and the project funding needs. <br />Project Needs $33,866,931 <br />Less District Financing $ 6,326,700 <br />Balance $27,540,231 <br />The Option sheet provides information about the project including costs, features and <br />funding <br />1. Budget category descriptions <br />2. Orange County construction standards budget <br />3. Project budget <br />4. Variance in budget from construction standards <br />5. School features that could be included on site for this option <br />6. Site considerations including land costs and off site improvement costs <br />7. Funding proposal <br />8. Debt service <br />Off Site Facilities <br />Following the direction of the Board, a competition stadium would have to be located at <br />another site. The field at Scroggs would be a prime location. The administration would <br />recommend approaching Chapel Hill Town Council to seek cooperation in upgrading <br />the Scroggs field such that official varsity sports could be played on this field in the <br />evenings. Minimally, we would need it for five football games per year. The field is a <br />high quality field with lights to which we'd have to add seating and <br />restroom/concession/locker room facilities (these costs have been estimated but are not <br />included in the cost comparisons but are included in the proposed CIP). Initial <br />conversations with the Town of Chapel Hill Parks and Recreation Department indicate <br />a willingness to discuss the issue. If upgrading the Scroggs field were not an option, <br />upgrading Culbreth could be considered. The projected $660,000 cost of the project is <br />included in the proposed CIP. <br />Impact on the Capital Investment Plan (CIP) <br />Even without the pressures of funding a new school, funding projections for the 2003- <br />2013 CIP are greatly reduced from the previous year, creating a situation where <br />6 <br />