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Board approves Park Hill construction package and developer agreements for two new high schools; refunding bonds adopted
Summary
Trustees approved a construction manager recommendation for middle/high school renovations, adopted a plan to issue refunding bonds that administrators say will save taxpayers about $44.5 million this year, and approved development agreements with the City of Midland to reimburse infrastructure costs for two new high schools.
Trustees approved several capital actions at the Aug. 26 board meeting related to ongoing bond projects and planned new high schools.
The board unanimously approved the district's recommendation to award CSP 25-02 (Bond Package 4 â Middle School Group A, Goddard Junior High and the freshman/high school renovation work) to Cirrus Construction. The district reported the guaranteed maximum price with alternates was about $58.376 million, roughly $2.64 million under the bond budget for that package.
In a separate finance item the board adopted an order authorizing the issuance of unlimited tax refunding bonds. Administration presented three scenarios; trustees approved the option the administration recommended, which officials said preserves state "hold harmless" funding and yields the largest net interest savings across the district's debt profile. The administration estimated the refunded-refinanced approach would reduce net debt service and produce approximately $44.5 million in interest savings tied to the 2025 tax year and related 2025â26 fiscal obligations, while allowing receipt of state reimbursement tied to a homestead-exemption change.
The board also approved capital-improvement developer agreements with the City of Midland for infrastructure work tied to the two new high-school sites (referred to in district materials as the Thomas/Avalon and other campus locations). Under the agreements the district will serve as developer and fund the design and construction; the city will reimburse certain roadway and utility costs in three annual payments beginning Jan. 1, 2027, the administration said.
All approvals were taken as separate motions. The construction package and the bond order passed unanimously. The developer agreements were approved after discussion; the record shows at least one trustee raised concerns before the vote. Administration said the city council also approved the agreements earlier the same day.
The board heard questions about competitive solicitation (district procurement staff said the project solicitation was sent to more than 1,500 vendors but produced two qualified proposals) and about the timing and mechanics of the refunding and city reimbursements; administrators said those steps, including future pricing and tax-rate adoption, will be brought back in follow-up meetings.
