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Board approves precast panel contract, architectural agreement and bond authorization for new Bennington high school
Summary
The Bennington Board of Education approved a $5.53 million precast wall-panel contract, signed an architectural services agreement with DLR Group and adopted a resolution authorizing up to $112 million in general obligation bonds to finance the new high school project.
The Bennington Board of Education on June 9 approved several steps to advance the district's new high school: a $5,531,118 contract for precast wall panels, an architectural services agreement with DLR Group and a resolution authorizing the issuance of up to $112,000,000 in general obligation school building bonds.
The board voted to award the precast wall-panel contract to Core Slab Structures after receiving three bids for that package; the district's pre-bid budget for the package was just under $5.8 million, and the low bid came in below that figure. The board also approved a contract with DLR Group for architectural services. The architect's fee in the contract is 5.9% of final construction cost; the district's current projection for the remaining design-fee obligation is $5,134,314 (the figure used in bond materials).
Board members and district staff discussed timing for bond sales and market conditions. The board adopted a parameters resolution authorizing the district to issue one or more series of general obligation school building bonds in an aggregate principal amount not to exceed $112,000,000. District financial advisors from D.A. Davidson told the board the resolution provides flexibility to time bond sales to market conditions; the plan as presented uses district cash in a special building fund to cover near-term costs and delays bond sales when advantageous.
Why it matters: the approvals commit contract dollars and contractual obligations that move the high school project from planning toward construction while giving the district discretion on when to sell bonds, which can affect total interest costs and the district's cash-flow plan.
Key details: - Precast wall-panel contract: Core Slab Structures, base bid $5,531,118; three bidders; pre-bid budget just under $5,800,000. - Architectural services: DLR Group; fee set at 5.9% of final construction cost; projected remaining fee communicated in bond materials $5,134,314. - Bond authorization: parameters resolution authorizing the district to issue general obligation school building bonds in aggregate principal amount not to exceed $112,000,000; board discussed using $10,000,000 from the special building fund to carry initial phases and delaying bond sales depending on market conditions.
The board discussed the timeline for future bid packages and noted additional contract packages will be presented in coming months as the project advances. Board members asked questions about contractor experience, project timelines and the possible effect of interest-rate movements on bond issuance timing; district financial staff said the district will continue to monitor market conditions and return to the full board as bond-sale decisions approach.
The motions to award the precast contract, approve the DLR Group agreement and adopt the bonds resolution were approved by roll call votes at the June 9 meeting.
