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Baldwin-Whitehall board reviews $9.995 million step for McAnulty renovation, could authorize parameters in November
Summary
The board heard a financing presentation for a $9.995 million borrowing step toward McAnulty Elementary’s renovation, with a parameters resolution (sized up to about $12 million for flexibility) possible Nov. 5 and sale as soon as market timing allows; the project scope includes envelope work, asbestos abatement and interior reconfigurations.
The Baldwin-Whitehall School District on Wednesday heard detailed financing options to support a planned renovation of McAnulty Elementary that administrators estimate will cost between $12 million and $14 million.
Superintendent Dr. Randall Lutz opened the discussion by telling the board the project budget estimates are in the mid‑tens of millions and that the district will need to consider how much local fund balance to use for potential cost overruns. "We do believe that the borrowing is going to have to occur either over 2 separate borrowings," Lutz said during introductory remarks, adding the rough construction estimate of "12 and $14,000,000."
Jamie Doyle, the district's independent financial advisor, presented a financing plan that describes a "step 8" borrowing of roughly $9.995 million toward the elementary project and said the board could approve a parameters resolution at its Nov. 5 meeting to preserve flexibility. Doyle said the parameters resolution is typically sized about 20% higher than the anticipated issuance to allow for amortization adjustments after bids, which in this case equates to roughly a $12,000,000 authorization for flexibility. "You don't need any new mills to support this $10,000,000," Doyle told the board, noting the district has identified budget and millage support for the borrowing.
Doyle walked through market snapshots, the district's outstanding debt portfolio and the benefits of structuring borrowings under $10 million to secure bank‑qualified tax‑exempt rates and a five‑year call feature. She outlined a possible timeline: if the parameters are approved at the Nov. 5 meeting, the district could lock rates and proceed with a competitive online sale around Nov. 6 and expect settlement near Dec. 11, well before the holidays.
Administrators also described project scope elements the board should expect in contract documents: site work (paving and underground utilities), replacement or repair of the building envelope (roof, windows, exterior doors), asbestos abatement, upgraded HVAC and interior finishes including floors, ceilings and lighting. District staff said they plan to move McAnulty program operations to Baldwin High School during the 2026–27 construction year to avoid student disruption.
Board members asked for clarifications about bids and potential additional local funding. Lutz noted there are no bids yet and the estimated construction overrun could be "about 3 to $4,000,000," which would require decisions about using local fund balance or other plans. The administration said it will return with final parameters language and supporting documents for the vote and recommended timeline.
Next steps: staff asked the board to consider a parameters resolution at the Nov. 5 voting meeting to authorize the finance team to prepare sale paperwork; if approved, the district could proceed to a competitive sale and return to the board for final acceptance of the results.
