AGENDA DATE: 9/6/2017
TITLE:
Title
School Division's Capital Projects Funding Needs
BODY
SUBJECT/PROPOSAL/REQUEST: Additional funding required for School Division's Bond Referendum capital projects based on updated cost estimates
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Walker, Letteri, Allshouse, L., Kamptner, Burrell, Harris, Tisdadt, Schmitt
PRESENTER (S): Lori Allshouse
LEGAL REVIEW: Yes
REVIEWED BY: Douglas C. Walker
BACKGROUND: On November 8, 2016, County residents approved up to $35 million in General Obligation Bond funding to finance improvements to Albemarle County public schools. Projects identified that would be supported by the General Obligation Bond funding included:
?School security improvements at four schools: Baker-Butler Elementary School, Scottsville Elementary School, Henley Middle School, and Murray High School.
?Woodbrook Elementary School Addition-Modernization project to alleviate overcrowding, modernize the schools' existing classrooms, and add a full-size gymnasium.
?Learning Space Modernization project to update approximately 100 of the School Division's 850 classrooms, affecting approximately 25 of the County's 26 schools.
?New Science laboratories and modernization of existing labs at Western Albemarle High School.
The sale of General Obligation bonds occurred on February 22, 2017 with an interest rate of 2.88%.
On April 5, 2017, the Board of Supervisors approved an FY 17 appropriation of funding for the General Obligation Bond funded School Division's capital projects to enable the School Division to begin design and to enter into construction agreements for those projects scheduled to begin in spring 2017.
On May 9, 2017, bids were opened for the Woodbrook Elementary School Addition-Modernization Capital project and the costs associated with the lowest responsible bid amount exceeded the project appropriation amount made in April to complete the project as initially scoped. An unanticipated...
Click here for full text