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School board approves $2.59 million Phase 3 lease, plans Atkinson and HVAC projects
Summary
Timberlane Regional School District board approved Phase 3 of a multi‑phase lease-purchase program totaling $2,589,655 for priority work at Atkinson Academy and HVAC/control upgrades at other schools; board was told first payment would fall in fiscal 2027 and $10 million of the original $25 million authority would remain.
The Timberlane Regional School District Board of Education voted to authorize a $2,589,655 contract for Phase 3 of its previously approved lease-purchase program, directing work first at Atkinson Academy and on HVAC controls in other schools.
Superintendent Justin Krieger told the board the Phase 3 package uses a $500,000 credit from Phase 2 (from a lower-than-expected window price) and would leave about $10 million of the district’s original $25 million lease authority available for future phases. Krieger said the lease would be structured so annual debt service for Phase 3 would be about $200,000 and that, under the current schedule, the first payment would be due in fiscal 2027. “This would yield for us in terms of a total lease payment in 2027 is about $1,200,000,” he said.
Krieger and facilities staff described project priorities: new HVAC units and other repairs at Atkinson Academy, HVAC controls at Sandown North, remaining high‑school HVAC units and selected pack (Performing Arts Center) items; some items that remain on the original full project list will be deferred to later phases. Facilities staff said some units and materials are in stock while other equipment has long lead times and must be ordered promptly to ensure summer installation.
Board members discussed cost efficiency from bundling work at one school while crews and materials are on site. Several members urged care in final scoping so projects that would grow cost significantly later are not left out. After discussion, Member Mark made the motion to authorize the Phase 3 contract with EEI for $2,589,655; it was seconded and approved with one abstention.
The board and administration noted the lease schedule is tied to an aggregate end date (2043) for all phases, which constrains how future phases are scheduled. Krieger reminded the board that leasing allows prepayment and future refinancing opportunities that would not be available under a traditional bond.
The vote authorizes district staff to finalize contract documents and proceed with procurement and ordering so materials can be available for summer work.
Votes and next steps: the board approved the Phase 3 contract; staff will return with contract documents and begin ordering equipment for summer installation. If work is delayed or scope changes, administration said it will notify the board.
