Parkland School Directors took the necessary steps to secure a bond that will allow improvements to Kratzer Elementary to start this spring.
Parkland School Directors approved a resolution Tuesday night that allows their financial team to maneuver in the bond market in order to get the best rate for a $10 million loan to pay for projects in the district starting with Kratzer Elementary School. The parameter resolution extends to $12 million but projected costs come in around $10 million, according to Director of Business Administration John Vignone. The money will go toward capital improvements, starting with renovations and improvements to Kratzer Elementary, which was identified in the district's feasibility study as a high priority project. In its entirety, the feasibility study identified $24 million in building improvements. The projects are broken down into the …
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If the district borrows the $24 million necessary to pay for improvements, it could result in a .52 mill increase over the life of the loan.
Parkland School District directors discussed an updated feasibility study that would require the district to borrow about $24 million to pay for building improvements needed for schools throughout the district. USA Architects presented a detailed study Tuesday night during the board’s workshop. The biggest and most costly recommended renovations were for Kratzer Elementary School on Huckleberry Road, but the report identified updates and repairs for each district school. Superintendent Richard Sniscak said the district’s financial team will report on the impact of borrowing $24 million at the board's Oct. 16 workshop meeting. Directors will then be tasked with prioritizing each recommendation. The board will consider a tiered financing …
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A feasibility study illustrates the need for about $24 million in repairs and maintenance to properties in the Parkland School District, including at Kratzer Elementary School.
Editor's Note: Story is corrected to indicate when Kratzer Elementary School was last renovated. A feasibility study of Parkland School District buildings has shown the need to borrow money for districtwide repairs and maintenance, including to Kratzer Elementary School. Parkland School District's Personnel and Finance Committee will present the full board with the study, performed by USA Architects, to ask to float a $24 million bond issue for the following items: Parkland Superintendent Rich Sniscak said Kratzer was last renovated in 1991 and the district is having trouble finding replacement parts for broken items. "This is the first step in a plan that in the next few months, we should have the nuts and bolts of," John Vignone, the …
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Mary Ellen Alu
11:49 am on Tuesday, August 14, 2012
Thanks for alerting me to our error. Kratzer was last renovated in 1991, Sniscak said. more ›