Agenda - 05-22-2003-2 - Laserfiche WebLink

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tin the issue of square footage, it should be noted thG~t the only .high school built i7~ C)range County afiter the high school 5taiidards were adopted il~ 1099 was Cedar Ridge I-Iigh School. That school came in at 20{3,0110 square feet, for 1,1100 students. 'What well exceeds the 182,710 square feet dictated by the standards. i`he District is making every effort to have the proje~ come ii1 at the 182,710 square foot standard, a task that will. prove to be d~i fficult. T~~ reduce the sq~~are footage any further would produce a high. school that is plot evet7 close to co~~nl~arable to our t~vo existing high schools or to Cedar Ridge. 3. Lr~calll= untested` clirau>>zsir~ra - GHCC:S exercise c? f ~ enxinent rlr~n~crin While the CHCCS has not exercised the right of eminent domain in recent years, the county has recently used the process with the condemnation of t:he Construction and Debris site off Eubanks Road. Therefore, there is precedent for the County to use eminent domain to acquire sites that would benefit the entire community. The issue of land procurement costs has been a concern to all oil us. It should be noted, however, that the potential high cost for the Glover property is based on successful rezoning by the Town of Carrboro. That application is still pending. JPI, the Dallas developer, has asked for additional time to make its presentation due to the death of the principal developer. The original presentation had been scheduled for this week. According to the owner of the property, the contract between the owner and JPI has been terminated in part over concerns about the use of eminent domain. The owner claims that renegotiations are taking place. Based on this information, the District has concluded that there is reason to believe that the appraised price is reasonably accurate. While the District believes that the land acquisition prices are within the budget, the School Board understands that it will be fiscally responsible for any increased costs due to land purchases. 4. Requires Cr~~ctzty issuance of ,~6+ra~illian in uuhrngrarnnied debt As the graphs provided by the County's Budget Director illustrate, the additional debt would not place the County over the debt limits it has set. Although her graphs are predicated on all the bonds and alternative financing taking place at one time, the Budget Director has indicated that some of these sales could be spread out to reduce the indebtedness in a particular year. This provides an additional fiscal cushion for other projects. Therefore, the Board does not see the County's debt policy as a limitation to moving forward. S. <4tl~tersely affects CHCCS ability to arlclress other ide~zti~e~l/emergent cu~itr~l f~eerls The proposed 10-year CIP demonstrates the District's commitment to existing facilities. The impact of the debt service on the District is much less than the reduction of projected impact fee revenue and the loss of the Public School Building Fund. Those reductions exceed $ 1,183,000 per year, well over the expected debt service of $808,000. The project financing plan also leaves over $2,400,000 annually