TITLE: Title
Capital Improvement Plan FY 2021-22 through FY 2025-26
PURPOSE: To present a report to the Town Council on the proposed Capital Improvement Plan (CIP) for FY 2021-22 through FY 2025-26
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DEPARTMENT: Town Manager and Finance
CONTACT INFORMATION: David Andrews, Town Manager 919-918-7315; Arche McAdoo, Finance Director 919-918-7439; Cary McNallan, Budget Analyst 919-918-7301
INFORMATION: The CIP for FY 2022 through FY 2026 (link to the document: https://www.townofcarrboro.org/2509/Proposed-Capital-Improvement-Plans-2021-
concentrates on the completion of current projects, storm water improvements, financing the 203 Project, and renovation of current facilities. The CIP through FY 2026 totals $70.6 million and includes an appropriation of $34.6 million for projects that are currently underway; and $36.0 million for proposed additional projects.
The largest project underway is the 203 Project with a revised estimated cost of $28.3 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.
Renovation of existing Town facilities continues to be a need and high priority. For fiscal years, 2023 through 2025, we anticipate needing $10.7 million for renovation of Town Hall, Century Center and Fire Station #1. We anticipate, at this point, using a combination of cash and debt financing for these renovations, depending upon final cost estimates and the overall financial condition of the Town. We also know that the Public Works facilities, located in a floodplain, is in need of significant improvements. We are currently exploring the possibility of securing federal funds to relocate this facility to a non-flood area. ...
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