The USD 475 Board of Education will consider the Guaranteed Maximum price of $98.5 million for the new JCHS project when they meet Tuesday evening. That number includes the main school structure plus athletic facilities, with project scope changes reviewed by the Board during a recent work session.

USD 475 officiasls issued a news release on the subject which also contains the details on additional resources and funding needed for the project.

If approved, the combined value of GMP awards for the project will be $113.9M. The District has committed another $3.7M to complete infrastructure development plus $6.3M in non-construction related costs. The infrastructure monies will be retained by the District if the Junction City infrastructure Build Grant receives approval. A decision on that grant is expected later this fall.

 

“The board has $124M of available monies to work with on this project,” stated David Wild, Chief Operations Officer. $109.5M came from the sale of bonds approved by voters. The board has authority to exceed that amount to complete the project and is using other funds to do so.

 

“Due to the AA bond rating, the District received an additional $4.5M as a premium when the bonds were sold. Plus it has realized another $3.5M in interest earnings on proceeds.” Wild added.

 

The balance of the $124M comes from an additional $9M in Heavy Impact Aid set aside by the board for the project plus a minimum of $2M in interest earnings over the next 21 months of construction.

 

By special election voters approved the $105M bond initiative in November 2017 based on a District commitment to the community that it would not raise its mill levy in order to finance the project. The District has remained true to that commitment and, by setting aside other funds, it can now ensure construction of the new high school which remains scheduled for completion in time for the start of school in August of 2021.

 

David E. Wild

Chief Operations Officer