TITLE: Title
Capital Improvement Plan FY23 through FY27
PURPOSE: The purpose of this agenda is to present a report to the Town Council on the proposed Capital Improvement Plan (CIP) for FY23 through FY27
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DEPARTMENT: Town Manager and Finance
CONTACT INFORMATION: Richard J. White III, Town Manager 919-918-7315; Arche McAdoo, Finance Director 919-918-7439; Cary McNallan, Deputy Finance Director 919-918-7301
INFORMATION: The CIP for FY23 through FY27 totals $68.3 million and includes $34.3 million for projects that are currently underway and $34.0 million for proposed additional projects. (link to Capital Improvement Plan for FY23 through FY27: http://www.ci.carrboro.nc.us/250/Financial-Documents )
The largest project underway is the 203 S. Greensboro Street Project at $41.3 million (previously estimated at $30.7 million). This is a joint development between the Town and Orange County that will house the Orange County Southern Branch Library, Orange County Skills Development Center, Town recreational programs, and other possible uses. Based on the Development Agreement, the Town's share of the costs is $19.1 million and the County's share is $22.2 million. Because the total cost for the 203 Project was not finalized until after this CIP document was updated, the amended cost for the project is not reflected in the updated document. A revised summary chart will be provided in the presentation to Council.
Renovation of existing Town facilities continues to be a need. For fiscal years 2024 through 2027, we anticipate needing $16.1 million for the renovation of Town Hall, Century Center, Fire Station #1, and Public Works. A financing plan for renovating these Town facilities will be developed as final renovations and costs are developed. ...
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