AG 2000 11 20 - Laserfiche WebLink

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MEMORANDUM November 1, 2000 Page 3 I. School Administration Complex $ 5,400,000 Funding from the revenues produced by the sale of the current school complex on Highw/~y 29 ($1,425,000) and the old Harrisburg school ($2,870,000). A contract for the school administration building/maintenance building for $3,850,000 design/build already exists versus LARC's estimate of $4,650,000. The garage portion of the project may be pursued from revenues generated by the sale of the current garage site on Union Cemetery Road (in conjunction with the fairground properties) and the available funds from the property sales above. That decision could be made later based on a need to proceed. II. Multi-Use Center, Exhibit Halls, Midway $14 Million Budgeting estimated revenues from the sale of the existing fair/county properties at $3,000,000, approximately $10 +/- million is required. Completed audit numbers for FY 2000, make available approximately $8,000,000 from unallocated fund balance for Board allocation. Additionally, the most recent construction schedule and projected sale date for the $40 million debt for three new schools provide no payments on that debt for FY 2001. The FY 2001 budget allocation approved by the County Commission for that purpose was $4,000,000 +/-. If the County Commission agrees to referenced budget amendments, the school administration complex and initial phases of the exposition project could be pursued without debt financing. Recognize the property sales must occur within a timely manner and construction budgets must be within estimates. Summary All of this information is being provided to you in advance of the November 20th meeting so that you might have time to review it thoroughly. If you have questions or comments, please contact me so that we might discuss the parameters of these proposals in greater detail.