Item:
Title
Capital Project Amendment No. 21CPA000013 - Reducing Northern High School Project by $39,896,923 and Increasing Elementary C Project by $38,411,923 and Three Existing DPS projects by $400,000 and Creating One New Project for High School Theater Renovations with $1,085,000
Body
Date of BOCC Meeting: October 12, 2020
Request for Board Action:
Agenda Text
On June 22, 2020 the Board of County Commissioners was presented the revised Durham County ten year capital improvement plan. After extensive discussion through the spring of 2020 with the Durham Public Schools (DPS) Board of Education regarding their capital needs over the next ten years, an agreement was reached on the DPS related projects that would be funded in the future. This capital project amendment is an administrative action towards fulfilling that agreement and the revised County capital improvement plan. All projects in this capital project amendment are using 2016 General Obligation Bonds (GO Bonds).
The Durham County Board of County Commissioners is requested to:
* Reduce the existing Northern High School project by $39,896,923 of 2016 GO Bonds. To maximize financing opportunities the primary funding source for this project will transition to a future issuance of Limited Obligation Bonds planned for the Spring of 2021. The overall project is continuing as planned/amended with an anticipated completion date in 2023.
* Increase the existing Elementary School C project by $38,411,923 using 2016 GO Bonds. This will provide the full amount of funding needed for this project, totaling $39,611,923, with an anticipated completion date of 2022.
* Increase three existing projects by a total of $400,000 using 2016 GO Bonds (seen below) to ensure funding is sufficient for the project needs
* Create a new project for High School Theater Renovations with $1,085,000 of 2016 Go Bonds. This project will allow for upgrades to be made to the theater lights and Equipment at Hillside, Riverside and ...
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