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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, which is approximately $12,600,000 and thus, a bond issuance would be required," the committee report said.
A public participant, Diego Hoyt, asked the board to confirm the arithmetic involved in issuing the bond and then receiving the rebate: "We issue a bond for 12,000,000, and we pay for the whole thing, and then we get 40% of $12,000,000 back. Is that correct?" Hoyt asked. Board members and staff affirmed that the district would issue the full bond first and then receive the state share when the grant payments are processed.
District staff and board members explained the next steps: the board's authorization for the School Development Authority (SDA) grant agreement is the first step; subsequently the Board of School Estimate must adopt and certify the final budget mechanism; then the city common council must approve the bond issuance. One meeting speaker described that the board must certify it has a funding mechanism in place after common council approval before projects can begin.
Board members noted the ROD grant opportunity is infrequent and important. The operations committee recommended the board support the request to pursue the bond and apply for the ROD grants. The board voted to approve the authorization items related to the roof project and SDA grant language (agenda items C and D). The recorded roll call showed affirmative votes by Miss Stanton, Mister Mahecha, Miss Kelly, Miss Erday, Mister Cho, Vice President Melanie Cohen and President Willida Justice; the motion carried.
Committee discussion also said other candidate projects presented by the business office would not be included in the bond at this time and that the district would focus on ongoing maintenance and seeking other grants for noncritical projects such as playground upgrades.
The board emphasized the requirement of additional approvals by the Board of School Estimate and the City of Summit before the district can certify grant funding and proceed to construction.
