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Board approves appraisal, environmental study and CPA engagements for New Markets Tax Credit support of new high school
Summary
The board approved an appraisal agreement, Phase I environmental site assessment and two CPA engagements required to pursue New Markets Tax Credit financing for a new high school; staff said a $3,000 deposit for the appraisal will be reimbursed at closing and a joint meeting with the school board is scheduled to review the program ahead of a projected May closing.
County staff and counsel briefed commissioners on documents needed to secure New Markets Tax Credit (NMTC) financing for the planned new high school and asked for approval of an appraisal, a Phase I environmental site assessment and two CPA engagements.
Staff said the NMTC process requires an ASIS and final appraisal (to be completed by CBRE), a Phase I environmental assessment and agreed‑upon CPA services; an initial $3,000 deposit for the appraisal was requested and staff said that deposit will be reimbursed to the county at closing. Work on these preliminary documents must proceed quickly, staff said, to meet a projected closing in May.
A joint meeting with the Board of Education is scheduled for next Monday at 5:30 p.m. to allow NMTC experts to explain the structure of the financing and required approval documents. Commissioners approved the appraisal agreement, the Phase I environmental study and the CPA engagements by voice vote.
What happens next
Staff will proceed with the appraisal, environmental study and CPA engagements and review results ahead of the joint meeting with the Board of Education; all upfront deposits are expected to be reimbursed at closing.
