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Board approves bond‑anticipation notes to secure funds and begin architect/CMR procurement for district projects
Summary
The Grandview Heights Schools board unanimously approved issuing bond‑anticipation notes to position the district for a larger bond issuance, citing a plan that uses Grandview Yard TIF funds to lower millage impact; staff outlined RFQ/RFP timing for owner's representative, architect and construction manager at risk (CMR).
The Grandview Heights Schools board voted unanimously to approve bond‑anticipation notes at its meeting, a procedural step staff said is needed to secure short‑term funds and preserve financing advantages ahead of a larger bond issuance.
District finance staff told the board they submitted a certification to the county auditor that includes $1,058,000 of Grandview Yard tax‑increment financing (TIF) funds earmarked for debt service. Staff said including those funds in the certification reduces the millage rate the county auditor will calculate for next year. "That amount comes from a kind of a structured plan that Baker Tilly helped us put together back in 2018," the finance presenter said, explaining the numbers follow the bond program established during the 2018 levy.
Finance committee members summarized options the committee reviewed and recommended the standard approach that issues notes and later bonds to maximize available interest earnings and minimize total debt payments over the life of the issue. Staff and bond counsel (Bricker & Eckler and Baker Tilly were referenced in the discussion) described a sequencing plan: post RFQ/RFPs for an owner's representative and design team, hire the owner's rep first, then the architect, and, shortly after, the construction manager at risk. Staff said they plan to post notices for the RFQ processes the day after the meeting and aim to have the owner's rep and architect hired before the winter break and the CMR hired in January or early February.
Board members discussed timing, procurement transparency and ethics reminders for staff and vendors. One board member said the district should remind staff about rules for vendor communications and gifts given the "tens of millions of dollars" at stake in upcoming construction contracts. Finance staff agreed to circulate the procurement timeline and post notices broadly to invite qualified firms.
After a motion and second, the clerk called the roll and the board approved the motion with unanimous 'aye' votes from members present. The approval authorizes staff to issue bond‑anticipation notes, to certify debt‑service sources with the county auditor and to proceed with RFQ/RFP processes for procurement of construction and design professionals.
Next steps outlined by staff include posting RFQ/RFP notices, conducting interviews, hiring an owner's representative and architect before winter break if the schedule holds, and hiring a construction manager at risk in January/February. Staff said the final millage rate will be provided by the county auditor and shared with the board at the December meeting.
