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Summit board backs $12.6 million roof project; state ROD grant would rebate about 40%
Summary
The board supported authorization to pursue a bond and School Development Authority grant for roof replacements at four schools totaling about $12.6 million; the district must issue the full bond and obtain approvals from the Board of School Estimate and city council to receive the rebate.
The Summit Board of Education on April 24 voted to move forward with authorization steps to pursue roof replacements at four schools, a project with an estimated total cost of about $12,600,000 that the district said would require a bond issuance and could qualify for a roughly 40% rebate under New Jersey's ROD (Regular Operating District) grant program.
Operations committee materials reviewed at the meeting described the roof work as eligible for a 40% state rebate but noted the district does not have the full capital on hand and would therefore need to issue a bond. "The district does not have the money on hand to cover the entire expense upfront,…
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