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Edison board approves up to $20 million for James Madison Intermediate expansion, using $10M reserve and $10M short‑term financing
Summary
After questions from residents about reserve balances, the board approved a lease‑purchase financing package that caps the James Madison Intermediate project at $20 million, funded by $10 million in capital reserve and approximately $10 million in short‑term financing; administration said bids will determine final costs and it will return if bids exceed the cap.
The Edison Township Board of Education on May 20 approved a resolution to proceed with a capital expansion at James Madison Intermediate (JMI), authorizing a total project cost not to exceed $20 million. The financing plan presented to the board allocates $10 million from the district’s capital reserve and contemplates approximately $10 million in short‑term lease‑purchase financing to bridge remaining needs.
The project scope the board reviewed includes a new gymnasium, roughly 10 classrooms, renovations to the kitchen and other school upgrades. Administration said construction hard‑cost estimates had increased since earlier planning phases — from architect estimates…
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