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Board previews $1,000,000 not-to-exceed GMP and financing options for BHS softball complex repairs
Summary
Finance staff and Plan North Architects presented site options and probable costs for the Bellville High School softball complex; trustees were briefed on two financing options and a recommended guaranteed maximum price not to exceed $1,000,000 with sample repayment scenarios.
Dennis Jurek, Assistant Superintendent for Finance and Operations, and Katie Burch of Plan North Architects presented plans and options for repair and renovation of the Bellville High School (BHS) Softball Complex. Plan North outlined scope choices including regrading and repairing the existing field, adding artificial turf, or relocating the varsity field to the existing practice field.
Jurek reviewed two financing alternatives to fund the recommended program: a maintenance tax note and a time warrant. The agenda materials included a suggested not-to-exceed guaranteed maximum price (GMP) of $1,000,000 and example repayment scenarios: five years at 4.5% (illustrative annual payment listed as $227,792) or ten years at 4.75% (illustrative annual payment listed as $127,937), with no prepayment penalty noted. The board discussed related items such as a resolution to reimburse expenditures prior to issuing a time warrant.
