Wawasee OKs $8.8 Million In Improvement Projects
July 28, 2016 at 4:25 p.m.
By John DeGroff-
"We've bundled together five years of our capital funds projects," said Superintendent Dr. Tom Edington. "There's just too much on the table so we've put these together into one project, with a total cost of $7.5 million dollars. These projects involve each building in the school system, and they have a quick repayment plan to save interest. If we wait on these, we'll pay higher prices and interest down the road. We're not sure about what could happen down the road. We certainly will realize energy savings by completing the projects and will stave off security related developments by making our buildings more secure."[[In-content Ad]]Edington introduced Kari Vilamaa, of the architectural and engineering firm Barton, Coe, and Vilamaa, Fort Wayne. Vilamaa provided a comprehensive overview of the actual work to be done on each facility.
Vocational building renovations will reclaim vacated areas, including mechanical and electrical updates plus a small addition estimated at $1,740,000.
Wawasee High School mechanical renovations include the replacement of unit ventilators, ceilings and lights in the original classroom area; replacement of the boilers, which are more than 40 years old; installation of variable frequency drives on air handlers; retrofit of lights in newer portions of the building; replacement of boilers; install access control devices and cameras at entrances. Cost is $1.7 million.
Wawasee Middle School renovations will include replacing roofing on slightly more than half of the building; replace the air handler in the swimming pool; retrofit lighting and upgrade the heating system for both the pool and domestic water systems; install access control devices and cameras at entrances. Cost is $1,745,000.
Syracuse Elementary School mechanical renovations include the replacement of unit ventilators, ceilings and lights in the 1989 addition, addition of a small boiler; installing of variable frequency drives on air handles; replace roofing on slightly more than half of the building; install access control devices and cameras at entrances. Cost is $1,011,000.
Milford Elementary School mechanical renovations include the retrofit of lighting fixtures; addition of a small boiler; installation of variable frequency drives on air handlers; replace roofing on slightly more than half of building; install access control devices and cameras at entrances and add two kindergarten rooms. Cost is $1,158,000.
North Webster Elementary School work includes the addition of a small boiler and installation of variable frequency drives on air handlers; install access control devices and cameras at entrances. Cost is $195,000.
These figures are cost estimates for construction only.
The financing for the proposed project was discussed by Phil Gutman, of Hilliard and Lyons Inc.
"In Indiana, we can finance projects in one of two ways," he said. "One is the issuance of general obligation bonds. The other is through lease financing. Both of these techniques are funded by property taxes. Because of the nature of this project and the number of individual buildings that are involved, we recommend you use general obligation bonds. General obligation bonding authority is limited to 2 percent of one-third of your assessed valuation. You have used some of your general obligation bonding authority for your pension bonds, but you have adequate authority for this project."
Gutman further discussed that the figures presented by Vilamaa were for the "brick and mortar" construction costs only. With architectural fees, attorney fees, and other "soft costs," the final figures are as follows for each building: vocational building, $1,995,000; Wawasee High School, $1,995,000; Wawasee Middle School, $1,995,000; Syracuse Elementary School, $1,210,000; Milford Elementary School, $1,380,000; North Webster Elementary School, $225,000.
Actual total estimated project cost is $8,830,000.
Bond issuance and selling is expected to be competed before the end of 2008. This makes the district eligible for a levy in 2009 to begin repaying the bonds.
"It's the consensus that a five-year term is not only efficient for the school corporation, but will serve you well in the market place," Gutman said. "This should be very efficient financing."
Gutman also said that the actual tax impact of each project will be minimal. Estimates he presented showed an increase of 7.19 cents per $100 of assessed valuation.
Although there was a small crowd in attendance for the hearing, the one concern voiced was how such a financial project could be undertaken now, given the state of the economy.
It was stated by more than one board member that the old way of addressing building repairs and upgrades in a "piecemeal" manner has never really worked. One example cited was the complete inconsistency of classroom temperatures, and the impact that has on creating a stable learning environment.
The board approved the resolution, as well as the additional appropriations resolution, and also granted permission to begin advertising for an energy savings company to work with the architects.
Wawasee board members are George Gilbert, Becky Linnemeier, Dallas Winchester, Mike Wilson and Mary Louise Dixon.
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"We've bundled together five years of our capital funds projects," said Superintendent Dr. Tom Edington. "There's just too much on the table so we've put these together into one project, with a total cost of $7.5 million dollars. These projects involve each building in the school system, and they have a quick repayment plan to save interest. If we wait on these, we'll pay higher prices and interest down the road. We're not sure about what could happen down the road. We certainly will realize energy savings by completing the projects and will stave off security related developments by making our buildings more secure."[[In-content Ad]]Edington introduced Kari Vilamaa, of the architectural and engineering firm Barton, Coe, and Vilamaa, Fort Wayne. Vilamaa provided a comprehensive overview of the actual work to be done on each facility.
Vocational building renovations will reclaim vacated areas, including mechanical and electrical updates plus a small addition estimated at $1,740,000.
Wawasee High School mechanical renovations include the replacement of unit ventilators, ceilings and lights in the original classroom area; replacement of the boilers, which are more than 40 years old; installation of variable frequency drives on air handlers; retrofit of lights in newer portions of the building; replacement of boilers; install access control devices and cameras at entrances. Cost is $1.7 million.
Wawasee Middle School renovations will include replacing roofing on slightly more than half of the building; replace the air handler in the swimming pool; retrofit lighting and upgrade the heating system for both the pool and domestic water systems; install access control devices and cameras at entrances. Cost is $1,745,000.
Syracuse Elementary School mechanical renovations include the replacement of unit ventilators, ceilings and lights in the 1989 addition, addition of a small boiler; installing of variable frequency drives on air handles; replace roofing on slightly more than half of the building; install access control devices and cameras at entrances. Cost is $1,011,000.
Milford Elementary School mechanical renovations include the retrofit of lighting fixtures; addition of a small boiler; installation of variable frequency drives on air handlers; replace roofing on slightly more than half of building; install access control devices and cameras at entrances and add two kindergarten rooms. Cost is $1,158,000.
North Webster Elementary School work includes the addition of a small boiler and installation of variable frequency drives on air handlers; install access control devices and cameras at entrances. Cost is $195,000.
These figures are cost estimates for construction only.
The financing for the proposed project was discussed by Phil Gutman, of Hilliard and Lyons Inc.
"In Indiana, we can finance projects in one of two ways," he said. "One is the issuance of general obligation bonds. The other is through lease financing. Both of these techniques are funded by property taxes. Because of the nature of this project and the number of individual buildings that are involved, we recommend you use general obligation bonds. General obligation bonding authority is limited to 2 percent of one-third of your assessed valuation. You have used some of your general obligation bonding authority for your pension bonds, but you have adequate authority for this project."
Gutman further discussed that the figures presented by Vilamaa were for the "brick and mortar" construction costs only. With architectural fees, attorney fees, and other "soft costs," the final figures are as follows for each building: vocational building, $1,995,000; Wawasee High School, $1,995,000; Wawasee Middle School, $1,995,000; Syracuse Elementary School, $1,210,000; Milford Elementary School, $1,380,000; North Webster Elementary School, $225,000.
Actual total estimated project cost is $8,830,000.
Bond issuance and selling is expected to be competed before the end of 2008. This makes the district eligible for a levy in 2009 to begin repaying the bonds.
"It's the consensus that a five-year term is not only efficient for the school corporation, but will serve you well in the market place," Gutman said. "This should be very efficient financing."
Gutman also said that the actual tax impact of each project will be minimal. Estimates he presented showed an increase of 7.19 cents per $100 of assessed valuation.
Although there was a small crowd in attendance for the hearing, the one concern voiced was how such a financial project could be undertaken now, given the state of the economy.
It was stated by more than one board member that the old way of addressing building repairs and upgrades in a "piecemeal" manner has never really worked. One example cited was the complete inconsistency of classroom temperatures, and the impact that has on creating a stable learning environment.
The board approved the resolution, as well as the additional appropriations resolution, and also granted permission to begin advertising for an energy savings company to work with the architects.
Wawasee board members are George Gilbert, Becky Linnemeier, Dallas Winchester, Mike Wilson and Mary Louise Dixon.
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