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ICABARRUS COUNIYI <br />NgRIH CA~OLIMA <br /> <br />MEMORANDUM <br /> <br />To: <br /> <br />Board of Commissioners <br /> <br />From: Blair Bennett <br /> <br />Date: January 9, 1995 <br /> <br />Subject: Westside Elementary School Financing Procedures and Information <br /> <br />For your information I have attached an itemized copy of the breakdown of cost for the Westside <br />School as presented by Yates/Chretzberg Architects. The major categories are as follows: <br /> <br />School construction <br />Land preparation, topographic survey, <br /> environmental analysis and engineering <br />Yates/Chretzberg fee <br />Land <br />Furniture <br />Other miscellaneous <br />Contingency <br />Total <br /> <br />$8,231,120 <br /> <br />101,800 <br />506,607 <br />700,000 <br />414,056 <br />40,000 <br />828,112 <br />$10,871,695 <br /> <br />As the Board of Commissioners has allocated $800,000 in the current year's budget, the balance <br />needed would be approximately $10,071,695. For Cabarrus County to be considered a small <br />issuer (under 10 million dollars) for the calendar year 1995, I would recommend borrowing <br />through installment financing 9.9 million. By staying under the 10 million cap, the County would <br />probably save approximately 1% on the financing rate. Once the County selects to become bank <br />qualified for this particular financing, it would prohibit any other financing or bond sales until <br />January 1996. <br /> <br />Finance Oepa~m.,ent <br /> <br /> <br />