Monday night, Brian Grubbs, managing director with SAMCO Capital, gave financial updates on the sale results of the voter-approved $118 million school bonds.
As of Monday, $88 million in bonds sold on the market, which included the $18 million Proposition B multi-purpose building bond.
The remaining $33 million for Proposition A (which includes the construction of an early childhood center; high school auditorium addition; high school CTE addition; agri-science arena; and overall district renovations and safety upgrades) will be issued in $15 million increments over the next two summers.
The effects of the bond will result in an 18.1-cent tax rate increase, which is right on target with what the school board had presented to voters earlier this year.
“We proposed a five percent assumed interest rate at the time of election,” Grubbs said. “The actual interest rate is locked-in at 4.113597 percent, so we’re well under the conservative rate we initially anticipated.”
The school bond is set to be paid over a 30-year timeframe, with the first payment due on February 15, 2025.
Mary O’Brien, a partner at WRA Architects who is developing the plans for project construction, presented initial design ideas and floorplan updates, which are still a work in progress. The firm, which specializes in K-12 education and designing and building projects for school districts, is nearing the end of the schematic design phase for Whitesboro’s projects.
“This presentation is intended to paint a picture of what these buildings will look like,” O’Brien said. “But we’re still making a few changes here and there.”
O’Brien’s presentation revealed design development updates, including interior floorplans (from where classrooms will go to what color bricks would be used on the building’s exterior).
It also explained mechanical and structural systems, like air conditioning and the location of load-bearing walls. The WRA team had even considered things like traffic flow for buses and parent pick-up and drop-off, and where students could cue for arrival and dismissal times.
An aerial map of the area showed where these new projects will exist and how the buildings will relate to current structures.
For instance, the CTE wing will be physically connected to the existing high school wing and shop. The new auditorium will be near the cafeteria, and south of the auditorium will be new parking.
The multi-purpose building will be near the softball and baseball fields and will include a new drive.
The early childhood center will be built south of the practice fields and near Main Street, the agri-science building will be constructed.
In addition to modern exteriors, complementary color schemes and aesthetically-designed windows and balconies, O’Brien said the primary focus is always on safety.
“As we design these features, we’re always keeping safety at the top of our priority,” she said.
In March 2025, all of these projects will go out to bid and construction is expected to begin the next May as school lets out for summer.
Also at this meeting, the board voted to delegate authority to Superintendent Ryan Harper to negotiate construction contracts.
“Any contracts we will receive will be brought to the board for approval,” Harper said. “I would simply be negotiating those contracts.”
The board also agreed to an investment agreement with Lincoln Consultant and Engineering.
“They’re highly qualified, know the land and work well with the city,” Harper said.
Lastly, the board approved an investment agreement with Red Tree Investments. Mike Allison will serve as the district’s consultant and help “ladder out” the $88 million bond sales.
Red Tree helps with cash flow and ensures there is no fluctuation of the interest rate for bond projects.
“It’s exciting to see these plans start coming together,” O’Brien said. “We’ve been working really hard and we’re looking forward to seeing these ideas become a reality.”
