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23 Chair Carey asked if the staff has information on the square footage of each of the jurisdictions. Rod Visser said that it is included in the attachments. The County has about 408,000 square feet of space in 46 buildings. Orange County Schools has 1.2 million square feet in 16 buildings and Chapel Hill-Carrboro City Schools has 1.7 million square feet (exact number of buildings not available). Commissioner Jacobs said that there is also a letter from OCS. He said that he couldn't imagine analyzing these options tonight and voting on this within the next five minutes. He said that OCS is talking about supporting a permutation of 5-C, which is different from option #2. He would like to have time to read the materials and make an informed decision. He would like to see some recommendations from the staff on the list of questions. He would like to see the staff's take on the options. John Link said that he could give an opinion tonight. Commissioner Jacobs said that he could not square that with the letters that he has not read yet. Commissioner Halkiotis agreed. Commissioner Gordon said that one of the things to be decided is the use of restricted versus unrestricted revenues. The public school building fund and the impact fees are restricted revenues which are only to be used for the schools. She said that the new options mix them in with the general capital funds so that the restricted and unrestricted revenues are together. She has a stronger objection to doing this with the impact fees. She would like to see the restricted revenues used like they are in the current policy, and then see what the resulting revenue differences would be in the new 60/40 capital funding policy. John Link said that the rationale for including those funds that are designated to pay for new construction of schools is that they put the impact fees and the state school funds on the top in terms of pursuing simplicity. The simplest way to address this is to use the monies for debt for new construction. This is a policy change-for impact fee revenue. Options 2 and 4 address removing the burden of paying the debt for Cedar Ridge from the OCS. He recommends that the Board narrow it down to option 2 or 4. After that, the second option still retains the three cents for school systems and the one-cent for the County recurring capital. Option 4 changes this to the 60/40 split. Option 4 most clearly reflects the 60/40 policy. He made reference to page 5 of 9, and said that Orange County government receives $9 million more over the ten years than it would under option 2. He recommended that the Board narrow the options down to 2 or 4. Rod Visser said that another piece of the rationale for putting the public school building fund up front for debt service is the past experience with the Governor sequestering the money for public school building funds. The second piece of information relates to impact fees and that they need to be used to pay for construction of new school space. He pointed out that after middle school #3, OCS will not need any new construction for the next ten years. Any impact fees that accrue to the OCS over the next ten years, if they are not spent in debt service, will sit there unspent because they cannot be spent on anything else. The rationale was to use the impact fees for debt service on new school space for OCS. Then they did the same for CHCCS. Commissioner-Gordon said that this is not any simpler. What happens is that more money goes to the County and less money goes to the school systems because now the County is using restricted revenue (impact fees)to pay debt service. She does not think it is fair to the school systems to use restricted revenue this way. Commissioner Halkiotis said that he needs more time to study this. He suggested moving this to the front of the work session on May 5th, even if it starts an hour earlier. Commissioner Jacobs pointed out that most of the County buildings are older buildings, so he would like to see dates on buildings. The Board agreed to consider options 2, 4, and the option described in Superintendent Carraway's letter on May 5 th, as well as the funding for High School #3.