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Board briefed on $43M BOCES capital project; finance method favors IMA over DASNY fees
Summary
Administrators updated the board on the BOCES Capital Improvement Project (roughly $42.9M–$43M) and recommended an inter-municipal agreement (IMA) financing option for flexibility; Geneseo's share was discussed at just over $2 million payable in installments if the IMA is adopted.
Administrators told the board the BOCES capital improvement project vote is expected in June and presented two financing approaches: an inter-municipal agreement (IMA), which allows each district flexibility over reserves and repayment terms, and financing through the Dormitory Authority of the State of New York (DASNY), which carries higher fees and less district-level flexibility.
The presenter explained that adopting the IMA requires unanimous votes among participating boards and that the project total discussed was approximately $42.9 million (rounded in conversation to $43 million). Geneseo's estimated portion discussed in the meeting was a little over $2 million, which would be paid in installments (roughly $640K in each of three years and a smaller fourth payment of about $161K depending on aid and lease/purchase treatment). Board members also discussed whether to serve as a local polling site for the BOCES vote in June and asked for clearer numbers at the next meeting.
