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Approve Project Ordinance Amendments to Recognize Capital Financing Proceeds for FY 2022-23.
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Staff: |
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Amy Oland, Director |
Business Management |
Overview: The Town recently issued $1,980,000 of general obligation two-thirds bonds and $12,945,000 of general obligation referendum bonds. For these funds to be available to spend on the identified list of capital projects, Council must enact project ordinance amendments recognizing receipt of these funds.
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Recommendation(s): |
That the Council:
• Enact the attached project ordinance amendment to establish a budget for the 2023 Public Safety Two-Thirds Bonds Fund;
• Enact the attached project ordinance amendment to amend the budget for the 2015 Streets and Sidewalks Bond Fund;
• Enact the attached project ordinance amendment to amend the budget for the 2018 Affordable Housing Bond Fund; and
• Enact the attached budget ordinance amendment to amend the Public Housing Fund budget.
Key Issues:
Two-Thirds Bonds - On March 7, 2023, the Town closed on $1,980,000 of general obligation two-thirds bonds. The total amount of the proceeds, including a bond premium, is $2,256,505; $2,222,918 of that amount is available for project use and $33,587 is to pay costs associated with the financing.
The proceeds will be used for the following project:
• Public Safety Radio Equipment ($2,256,505) - Replacement radios for the Town’s police and fire departments that will be P25 Phase 2 ready to meet the new requirements set forth by the NC Department of Public Safety’s Voice Interoperability Plan for Emergency Responders (VIPER) system.
Enactment of the attached project ordinance amendment will establish the 2023 Two-Thirds Bonds Fund project budget in the amount of $2,256,505 from the proceeds of the issuance of general obligation two-thirds bonds.
Referendum Bonds - On March 8, 2023, the Town closed on $12,945,000 of general obligation streets & sidewalks ($7,700,000) and affordable housing ($5,245,000) referendum bonds. The total amount of the proceeds, including a bond premium, is $14,384,697; $14,178,173 is available for project use and $206,524 is to pay costs associated with the financing.
The proceeds will be used for the following Streets & Sidewalks projects:
• Bolinwood Drive Bridge ($1,183,598) - The existing bridge is over 50 years old and has been classified as functionally obsolete. It exists as a 30 linear foot concrete span structure with no sidewalks (sidewalks stop next to the bridge on either side). The new bridge replacement will have a 40 linear foot concrete span and will have dedicated sections for pedestrian crossing by incorporating sidewalks on both edges.
• Cameron Protected Bike Lane ($180,000) - Upgrade the existing bike lanes on Cameron Ave. between Merritt Mill Rd. and Pittsboro St., as well as improve the intersection of Merritt Mill and Cameron where the Libba Cotten Bikeway ends. The project was a priority in the 2014 Bike Plan, is a top 20 priority in the 2017 Mobility and Connectivity Plan and can piggy-back on the resurfacing of Cameron Avenue in FY24 to minimize restriping costs.
• Estes Drive - Carrboro to MLK ($901,000) - Project provides an important link in the growing network of bike-ped facilities throughout Town by continuing the bike-ped improvements that are underway on Estes Drive from MLK to Caswell to the west, from MLK to the Carrboro border. The intent is to match the cross-section of the current Estes bike-ped improvements, to provide a continuous and predictable route for alternative modes of transportation.
• Estes Drive Connectivity ($300,000) - Bicycle and pedestrian improvements on Estes Drive between MLK and Caswell Rd., including raised bike lanes on both sides, a multiuse path on the north side, and sidewalk on the south side. Project also includes intersection improvements at MLK/Estes and RRFB crosswalks at Somerset and Caswell.
• Fordham - Willow to Old Durham ($496,100) - Being one of the top 20 projects in the Mobility and Connectivity Plan, this project will fill in the gaps and extend the multiuse paths on both sides of Fordham Blvd. between Willow Dr. and Old Durham Road. There are bike lanes and sidewalks on Old Durham Road, which extend all the way to Durham. Completing the multiuse paths along Fordham Blvd. is an integral step in creating a continuous network of bike-ped facilities in this vehicle-oriented part of Town and will ultimately connect much of Town to the Blue Hill district and Durham, via the Bolin and Booker Creek Greenways.
• Elliott Road Extension ($1,265,000) - Installation of the extension of Elliott Road roadway and amenities from Fordham Blvd. to Ephesus Church Rd. The road will have raised, separated bike lanes, sidewalks and a mid-block crosswalk. The new roadway alignment design, with the roundabout at Ephesus Church Rd. and the T-intersection at Fordham Rd., was developed during Phase II of the Ephesus-Fordham Small Area Plan.
• Fordham Sidepath Project ($550,000) - The Project would construct a pedestrian and bicycle sidepath along Fordham Boulevard that would meet NC Bicycle Program and AASHTO design standards. Approximately half of the project involves demolition and reconstruction of an existing sidepath from Cleland Drive to Ridgefield Road. The other element is construction of a new multimodal side-path from Ridgefield Road to Willow Drive.
• Sidewalks - Homestead & Seawell School Road ($1,164,302) - Construction consisting of roadway widening along Homestead Road and Seawell School Road which will include bike lanes, a multi-use path and sidewalks. This project also includes new curb and gutter, pavement markings, traffic control, erosion control, signal modification, and storm drainage upgrades.
• Street Resurfacing ($910,000) - Resident satisfaction with street maintenance has decreased by 17 percent since 2009 and 21.7% of paved town-maintained streets are in poor to very poor condition based on the 2018 Pavement Condition Survey. Funding to help supplement a multitude of locations throughout the Town within the annual street resurfacing and reconstruction budget to reverse the decline in our pavement condition town wide.
• North Street Construction ($750,000) - Proposed roadway traffic improvements that will improve the public safety at this gateway to downtown Chapel Hill. Traffic signals will be added, and the improved intersection will be an important congestion reliever since it is close to the second entrance/exit for the new Town parking deck on East Rosemary Street.
The Town fared very well in the market during the sale of bonds yielding a sizeable premium. Staff recommends putting the available premium ($1,233,173) in a reserve until projects are bid out to help provide funding that will most likely be needed to help manage the high cost of construction and inflation.
The proceeds will be used for the following Affordable Housing projects:
• Weavers Grove Affordable Housing Development ($1,850,000) - Habitat for Humanity will build 101 affordable, green-certified homes as part of a larger, mixed-income community that will include 237 for sale units of varying types, a community center, playground, and community green spaces. Vertical construction will begin in spring 2023.
• Homestead Gardens (2,920,204) - In a partnership between four local affordable housing partners, the Homestead Housing Collaborative will develop 87 mixed-income, mixed-type affordable housing on Town-owned property. The community will include 54 rental apartments, 21 for sale townhomes, 12 for sale duplexes, and a variety of community amenities.
• Trinity Court Redevelopment ($474,796) - Trinity Court will redevelop 40 existing, vacant public housing units and add 14 additional affordable housing units to the Town’s affordable housing inventory. Trinity Court will utilize the U.S. Department of Housing and Urban Development (HUD) Rental Assistance Demonstration Program (RAD) as well as Low Income Housing Tax Credits to finance the development. Construction is scheduled to begin in summer 2023. The Town’s Public Housing Fund will also contribute $1.5 million in fund balance to the project.
Enactment of the attached project ordinance amendment will amend the 2015 Streets & Sidewalks Bonds Fund project budget in the amount of $9,057,087 from the proceeds of the issuance of general obligation referendum bonds.
Enactment of the attached project ordinance amendment will amend the 2018 Affordable Housing Bonds Fund project budget in the amount of $5,327,610 from the proceeds of the issuance of general obligation referendum bonds.
Enactment of the attached budget ordinance amendment will appropriate $1.5 million in Public Housing Fund fund balance for the Trinity Court Redevelopment project.
Where is this item in its process?
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Attachments: |
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• Project Ordinance - 2023 Two-Thirds Bonds Fund |
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• Project Ordinance - 2015 Streets & Sidewalks Bonds Fund |
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• Project Ordinance - 2018 Affordable Housing Bonds Fund |
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• Budget Ordinance - Public Housing Fund |
AN ORDINANCE TO ESTABLISH A CAPITAL PROJECTS ORDINANCE FOR PUBLIC SAFETY EQUIPMENT PROJECTS FUNDED FROM 2023 TWO-THIRDS BONDS (2023-03-22/O-2)
BE IT ORDAINED by the Council of the Town of Chapel Hill that, pursuant to Section 49 of Chapter 159 of the General Statutes of North Carolina, the following capital project hereby established for public safety equipment projects funded from the 2023 Two-Thirds General Obligation Bonds.
“SECTION I
The capital projects as authorized by General Statute, and as determined by the Town Council, includes the capital costs of public safety.
SECTION II
The Manager of the Town of Chapel Hill is hereby directed to proceed with the implementation of these projects within terms of funds appropriated here.
SECTION III
Revenues anticipated to be available to the Town to complete the project are hereby established as follows:
SECTION IV
Amounts appropriated for capital projects are hereby established as follows:
SECTION V
The Town Manager is directed to report annually on the financial status of the projects in an informational section to be included in the Annual Budget, and shall keep the Council informed of any unusual occurrences.
SECTION VI
Copies of this projects ordinance shall be entered into the minutes of the Council and copies shall be filed within five days of adoption with the Manager, Business Management Director and Town Clerk.”
This the 22nd day of March, 2023.
AN ORDINANCE TO AMEND THE 2015 STREETS AND SIDEWALKS BOND FUND FOR CAPITAL IMPROVEMENT PROJECTS (2023-03-22/O-3)
BE IT ORDAINED by the Council of the Town of Chapel Hill that, pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, that the following capital project is hereby amended for Streets and Sidewalk Improvements funded from 2015 General Obligation bonds approved by the voters in November 2015:
“SECTION I
The capital projects as authorized by bond referenda approved in November 2015, and as determined by the Town Council, includes streets and sidewalks capital improvements extending beyond one year.
SECTION II
The Manager of the Town of Chapel Hill is hereby directed to proceed with the implementation of these projects within terms of funds appropriated here.
SECTION III
Revenues anticipated to be available to the Town to complete the project are hereby amended as follows:
SECTION IV
Amounts appropriated for capital projects are hereby amended as follows:
SECTION V
The Town Manager is hereby directed to report annually on the financial status of the project in an informational section to be included in the Annual Budget, and shall keep the Council informed of any unusual occurrences.
SECTION VI
Copies of this projects ordinance shall be entered into the minutes of the Council and copies shall be filed within five days of adoption with the Manager, Business Management Director and Town Clerk.”
This the 22nd day of March, 2023.
AN ORDINANCE TO AMEND THE 2018 AFFORDABLE HOUSING BOND FUND FOR CAPITAL IMPROVEMENT PROJECTS (2023-03-22/O-4)
BE IT ORDAINED by the Council of the Town of Chapel Hill that, pursuant to Section 49 of Chapter 159 of the General Statutes of North Carolina, the following capital project is hereby established for affordable housing projects funded from the 2018 General Obligation Bonds approved by the voters in November 2018.
“SECTION I
The capital projects as authorized by bond referenda approved in November 2018, and as determined by the Town Council, includes affordable housing projects.
SECTION II
The Manager of the Town of Chapel Hill is hereby directed to proceed with the implementation of these projects within terms of funds appropriated here.
SECTION III
Revenues anticipated to be available to the Town to complete the project are hereby amended as follows:
SECTION IV
Amounts appropriated for capital projects are amended as follows:
SECTION V
The Town Manager is directed to report annually on the financial status of the projects in an informational section to be included in the Annual Budget, and shall keep the Council informed of any unusual occurrences.
SECTION VI
Copies of this projects ordinance shall be entered into the minutes of the Council and copies shall be filed within five days of adoption with the Manager, Business Management Director and Town Clerk.”
This the 22nd day of March, 2023.
AN ORDINANCE TO AMEND “THE ORDINANCE CONCERNING APPROPRIATIONS AND THE RAISING OF REVENUE FOR THE FISCAL YEAR BEGINNING JULY 1, 2022” (2023-03-22/O-5)
BE IT ORDAINED by the Council of the Town of Chapel Hill that the Budget Ordinance entitled “An Ordinance Concerning Appropriations and the Raising of Revenue for the Fiscal Year Beginning July 1, 2022” as duly adopted on June 8, 2022, be and the same is hereby amended as follows:
ARTICLE I
ARTICLE II
This the 22nd day of March, 2023.
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The Agenda will reflect the text below and/or the motion text will be used during the meeting. |
presenter
By enacting the project ordinances, the Council establishes a budget for the 2023 Public Safety Two-Thirds Bonds Fund and amends the budgets for the 2015 Streets & Sidewalks Bonds Fund and 2018 Affordable Housing Bonds Fund. By enacting the budget ordinance, the Council amends the Public Housing Fund.