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Piedmont board approves land‑agreement addendum capping sewer/water cost at $900,000; authorizes bond purchase process
Summary
Board approved an addendum to the Premium Land LLC acquisition that caps the district's maximum sewer/water cost at $900,000 (about $150,000 over the bond budget) after city routing requirements; board also authorized staff to finalize bond purchase process when bids are returned.
The Piedmont School Board approved an addendum to a land acquisition agreement with Premium Land LLC that adjusts responsibility for sewer and water infrastructure after routing changes required by the City of Oklahoma City.
Staff explained engineers determined the required routing must come from a different direction because of topography, increasing the linear footage of sewer and water work and the expected cost. The district previously budgeted about $750,000 for the work in the bond package; staff said the addendum caps the district’s maximum exposure for bringing sewer and water to the site at $900,000. Presenters said Premium Land has agreed to escrow $300,000 to help cover the work’s costs.
A staff presenter explained the city’s routing decision made the sewer portion the most costly because it must be placed deeper in parts. The board voted to approve the addendum and directed staff to put the work out to bid; district counsel and project managers will oversee the bidding and contract process.
Separately, the board authorized Jordan Smith (district finance staff) to finalize the lease revenue bond series 2024 purchase agreement after market bids are returned on Thursday. Staff said the district holds a strong rating and expected competitive APRs; Jordan Smith will exercise discretion to accept a market bid in the district’s best interest and report back to the board.
