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File #: 19-86    Version: 1 Name:
Type: Agendas Status: Agenda Ready
File created: 2/25/2019 In control: Board of Aldermen
On agenda: 3/5/2019 Final action:
Title: Capital Improvement Plan FY 2019-20 through FY 2023-24 PURPOSE: To present a report to the Board of Aldermen on the proposed Capital Improve Plan (CIP) for FY 2019-20 through FY 2023-24
Attachments: 1. ATTACHMENT A: CIP Resolution for Acceptance, 2. CIP FY2019-20 to FY2023-24
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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TITLE: Title
Capital Improvement Plan FY 2019-20 through FY 2023-24
PURPOSE: To present a report to the Board of Aldermen on the proposed Capital Improve Plan (CIP) for FY 2019-20 through FY 2023-24
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DEPARTMENT: Town Manager and Finance

CONTACT INFORMATION: David Andrews, 919-918-7315; Arche McAdoo, 919-918-7439

INFORMATION: The updated CIP for FY 2019 through FY 2023-24 (Attachment B) concentrates on the completion of current projects, renovation of current facilities, storm water improvements and financing the 203 Project. The CIP through FY 2023-24 totals $47.5 million and includes $22.7 million for projects that are currently underway; and $24.8 million for new projects.


Previous
FY 2020- 24
Total
PROJECT COSTS
Appropriations
Request
Project Costs
Current Projects
$ 22,626,249
$ 3,267,750
$ 25,893,999
New Projects

$ 16,134,924
$ 16,134,924
Vehicles/Equipment

$ 2,867,720
$ 2,867,720
Technology Projects
$ 155,000
$ 258,000
$ 413,000
Storm Water Projects

$ 2,268,672
$ 2,268,672
TOTAL ALL PROJECTS
$ 22,781,249
$ 24,797,066
$ 47,578,315


The largest project underway is the 203 Project with an estimated cost of $15.6 million. This is a joint development between the Town and Orange County to develop facility to house the Orange County Southern Branch Library, Town recreational programs, and other possible uses. The County is expected to contribute $6.6 million and the Town anticipates using a combination of cash and debt financing to covers its $9.0 million share. Financing for this project is anticipated in FY 2021. The final costs for the 203 Project may change as the final design and construction plans are finalized.

Renovation of existing Town facilities continues to be a need and high priority. In 2022 and 2023 we anticipate needing $6.2 million for renovation of Town Hall, Century Center and Fire ...

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