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County proposes $11 million ag center after value engineering; annual debt service estimated at $885,000
Summary
After value engineering reduced the agriculture center estimate from $13 million to $11 million, county staff recommended borrowing to fund construction; estimated annual debt service is about $885,000 over 20 years at roughly 4.55% interest.
County officials presented updated cost estimates for the planned agriculture center. The architect and a construction analyst reduced an initial $13 million estimate to about $11 million by deferring nonessential items such as finishing a kitchen and other add-ons.
"It started at 13,000,000. It's been valued engineered down to $11,000,000 at this point to complete the ag center that gets it up and operational," the mayor said, and added that the payment on $11,000,000 would be about $885,000 annually on a 20-year schedule at roughly a 4.55% rate. Commissioners asked about plan stage and how operational costs would be covered; staff said the project would be bid out and some finishes could be added later by fundraising.
The commission voted to move the bonding request for the ag center to the regular session for final consideration and for staff to provide additional cost and financing details.
