The Plymouth School Board continues making preparations for the Lincoln Junior High School building project.
On Tuesday, board members approved the purchase of a neighboring property for a cost of $272,000. “There’s property there that is needed for us to fulfill the scope of the project, and that’s the Fortres Grand building adjacent to the northeast corner of the Lincoln Junior High property,” explained Superintendent Andy Hartley. That money will come out of the corporation’s Rainy Day Fund, which will be reimbursed once bonds are sold.
To issue the bonds, the school corporation is using a lease finance process. Hartley explained that involves selling some of the property to a legally-separate building corporation. “It will then lease the building back to the school corporation, and that lease rental due from the school corporation will be paid from property taxes and will be for the lease of the property during the term of the lease,” he said. “And that lease rental will be sufficient to pay the principal and interest due to the bond holders.”
The school board approved a series of resolutions Tuesday to proceed with the process of issuing bonds through the building corporation. Board members also voted to hire Umbaugh and Associates to serve as the financial adviser during the process.
While the financial arrangements are being made, Hartley said design work is also moving along. “The intent is still to build into the east side of the lot there, and then tear down the existing Lincoln all the way to the original structure there, the far west side and cap that off and renovate that to have some other functional uses.”
Hartley added that faculty and staff have had the chance to offer input on classroom needs for the new building. He expects the architect to have formal drawings ready for the board’s approval in early 2018.