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Board approves construction awards, guaranteed maximum price and fund defeasances
Summary
The board voted unanimously March 17 to award a construction manager RFP for Walden, approve a guaranteed maximum price for Gifford K–8 and authorize defeasance transactions estimated to save future interest costs; the board also approved the consent agenda with one item carried forward to the April session.
At its March 17 meeting the Racine Unified School District Board of Education approved several capital and finance items, including an RFP award for a construction manager at Walden, a guaranteed maximum price (GMP) for Gifford K–8 and a resolution to establish escrow accounts to defease certain general-obligation promissory notes.
Construction manager RFP: The board approved the administration’s recommendation to award RFP No. 25-003RA to Findorff Construction in the amount of $1,332,802. The motion was recorded with an 8–0 vote in favor. (Motion recorded as moved by Missus Barbian; second recorded.)
GMP for Gifford K–8: The board approved a guaranteed maximum price for construction at Gifford K–8 with Shear Construction Company, Inc., in the amount of $13,179,856 and a total project budget of $16,678,611. That motion was approved 8–0.
Defeasance resolution: Administration asked the board to approve a resolution authorizing transfer of funds and establishment of an escrow account to defease two series of general obligation promissory notes. The board-approved defeasance would: defease $3,000,000 of aquatic-center debt, with an estimated interest savings of $193,000; and defease $3,200,000 of long-range facility master debt, with an estimated interest savings of $943,000. The board approved the measure 8–0.
Consent agenda: The board approved the consent agenda by an 8–0 vote with the exception of one superintendent consent item (item G), which was removed for addition to the April business session.
All recorded votes in these agenda items were unanimous in favor as shown on the meeting record; board members recorded as voting yes included Missus Allen, Missus Barbian, Mr. Bellagio, Mr. Coe, Miss Harris, Mr. O'Connell, Miss Valar and Miss Walker Cleveland.
