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Board authorizes negotiation for Stevenson project owner's representative; treasurer reports bond pricing and S&P review
Summary
The board authorized its superintendent and treasurer to negotiate an owner's-rep contract for the Stevenson Elementary and Athletic Complex and approved grouped business and finance items; Treasurer Beth Collier reported a $69,500,000 bond pricing scheduled for March 4 and said Standard & Poor's may consider an upgrade.
The Grandview Heights Schools Board authorized district leadership to negotiate contract terms for project support on the Stevenson Elementary and Athletic Complex and approved a package of business-and-finance items that included insurance renewals and preliminary design-team recommendations.
The superintendent (Mr. Culp, S5) told the board the agenda asks for approval of Perkins and Will as architects, Elford as construction manager and Concord Addis as the owner's representative for the Stevenson project. Treasurer Beth Collier (S2) explained that language in the resolution authorizes district staff to negotiate the owner's-rep contract and that the not-to-exceed figure in the proposal is the amount shown; final contract approval will return to the board for formal authorization.
Collier also provided a finance update: as of January the district had requested roughly $1,300,000 in tax advances and is about 53% through the fiscal year on expenditures; state funding is where expected at about 60%. She told the board that the district issued a bond anticipation note earlier and that the full bond sale for $69,500,000 is scheduled for pricing on March 4, with proceeds expected to arrive April 1. "Our actual bond issue, the full 69,500,000.0, will be issued on, March 4…The money will hit our account on April 1," Collier said.
Collier and board leadership said they presented to Standard & Poor's in New York and expect a rating decision next week that could affect interest costs. A higher rating, they said, would reduce the district's interest expense on bond borrowing.
On other finance items, the finance committee reviewed kids-club fees and recommended no changes, discussed a preliminary conversation with the city about contributing to tennis-court improvements, and reviewed the district's naming-rights policy. The board approved the grouped business-and-finance items by roll call, with the motion authorizing negotiation of the owner's-rep contract but reserving final contract approval for a future meeting.
Next steps: staff will negotiate contract details for Concord Addis and return a proposed agreement for board approval; the district will learn its S&P result on or soon after the March 4 meeting and will complete bond pricing as scheduled.
