At the March regular meeting, the Board of Education voted to move forward with the issuance of Series II of the 2016 Bond Issue. Originally, Series II was scheduled for issuance in the summer of 2019. Strong property value growth in the district has allowed the district to issue those bonds a year early.
The Board considered several factors in making the decision to accelerate issuing series II of the 2016 Bond. The factors included:
- By issuing the bonds a year early, the Board could avoid any future interest rate hikes, potentially saving hundreds, if not millions, in interest costs.
- By accelerating the construction schedule by at least a year, the district could save on the construction inflation costs. Currently, with the tight labor market and high demand for skilled trades, the inflation rate for construction is approximately 5-7 percent. The accelerated schedule could save the District between $500,000 and $700,000.
- With this accelerated construction schedule, the students and community would receive the benefit of the construction projects a year earlier.
The major projects contained in Series II of the 2016 bond issue are:
- Remodeling NEMS
- High school site improvements
- Elementary playground improvements
- Paving improvements / replacements – throughout the district
- Technology equipment
- Other furniture, fixtures and equipment.
Planning for these projects is in process, and the Board will be presented with drawings at an upcoming meeting. The goal is to begin the bid process this summer.
The following is the status of Series I of the 2016 bond issue projects:
- High school entrance – 4/24/18 scheduled completion date
- NEMS entrance – Completed
- North Elementary entrance – 3/20/18 scheduled completion date
- Green Meadow Elementary entrance – 3/26/18 scheduled completion date
- STEM Academy entrance – 6/13/18 scheduled construction timeline
- Compass High School entrance – 6/11/18 scheduled completion date
- High School Locker Rooms – 3/5/18 to 8/31/18 scheduled construction timeline
- Restrooms, all buildings – 6/13/18 to 8/31/18 scheduled construction timeline
Overall, the construction projects are proceeding according to the planned schedule and budget. Please feel free to contact the superintendent if you have any questions at 269-250-8907 or [email protected].