Freeman School Board approves five-year plan using $1.2 million in capital outlay for stadium project

The Freeman School Board voted April 14, 2026, to approve a five-year financing plan that uses $1.2 million from the district's capital outlay fund to move forward with the stadium project.

Business manager presented three financing scenarios and told board members the district's capital outlay balance was "right at that 3 point over 3,200,000," laying out (1) a fully local five-year pay plan with roughly $830,000 annual payments; (2) a five-year loan combined with $1.2 million from capital outlay yielding payments around $608,000 and negotiable early-payoff options; and (3) a 10-year option with payments in the $720,000 range while still using the $1.2 million. The business manager said options 2 or 3 were his preference; board discussion centered on balancing interest costs and flexibility.

After discussion, Chair called for a motion to approve option 2: funding with $1.2 million from capital outlay and a five-year certificate. The motion was moved and seconded and approved by voice vote. The board's action authorizes the district to apply the designated capital outlay funds toward the stadium and to pursue the five-year financing structure described during the meeting.

Board members said the five-year structure offered lower interest costs while maintaining the ability to accelerate payoff if necessary. The superintendent noted construction scheduling and related site-work timelines discussed earlier in the meeting and said staff will proceed with pre-construction and coordination steps now that financing is authorized.

Next steps include finalizing financing paperwork with the selected lender and proceeding with the planned pre-construction and ground-breaking work contingent on the district's procurement and contracting processes. The board did not record a roll-call tally in the public record; the motion was announced as carried by voice vote.