MITCHELL – The Mitchell Community School board Thursday night heard from Damian Maggos, Managing Director from Raymond James on options available to the school corporation on the proposed $17 million dollars capital improvement project and options available in how to borrow the money for the project.
The decision on the bond issuance should be voted on at the board meeting on May 10th.
One option is to issue the full amount of the bond. The project loan would be paid off by July 15, 2033. The cost of the project would be $17,090,909.60.
The board could extend the bond by one payment. If they chose to do this option it will cost an additional $1,398,075. The cost of the project would be $18,178,289.20 with the bond being paid off on January 15, 2034.
A third option is to use a General Obligation Bond. By using this type of bond it will generate $450,000 annually to go towards the Operation Fund expenditures.
However, using this option, the bond would not be paid off until July 15, 2037, and cost an additional $1,405,575 in debt service payments.
Dr. Brent Comer complimented the board in being fiscally responsible and the corporation has reserves in the Rainy Day Fund, and with the recent grant funding would make the use of a General Obligation Bond an unlikely option.
List of proposed projects:
High and Middle School
- Auxiallary Gym/ Concessions – $5,000,000
- Contingency – $250,000
- A/E Fees – $320,000
- Traffic Improvements – $1,100,000
- Roofing – $1,022,000
- Contingency – $200,000
- A/E Fees – $145,000
- Practice Facility – $1,100,000
- Turf Football Field – $850,000
- Infield Turf Baseball/Softball (include drainage and irriagation) – $1,500,000
- Maintenance building – $ 1,000,000
- Demolition – $95,000
- A/E Fees – $69,000
Junior/Senior High Roofing
- Roofing – $765,000
- Contingency – $70,000
- A/E Fees – $52,000
HVAC/Chiller Replacement/Energy Upgrades
- HVAC/ Chiller Replacement/ Energy Upgrades – $100,000
- Contingency – $ 100,000
- A/E Fees – $68,000
- STEAM/Lab Renovations – $584,500
- Contingency – $50,000
- A/E Fees – $47,000