The Loogootee Community School Corporation met for its regular monthly meeting last night and also held the first of two public hearings pursuant to state code to discuss and hear objections and support for a proposed renovation and new construction projects. Superintendent of Schools Dr. Brian Harmon explains the purpose of last night’s meeting:
The board heard a needs assessment and overall overview of the project by architect Andy Myszak, with Myszak & Partners of Vincennes, who divided the overall project into 4 parts, including Part 1, a new gymnasium activities center. Part 2 is the middle school renovation; Part 3 is an updated playground for the elementary; and Part 4 is a new bus barn. The board was shown a rough sketch and details about each of the four parts of the overall project.
As part of the public hearing, corporation financial advisor Jack Hammond of Baker Tilly addressed the board about financing, which set forth maximum parameters or did not exceed numbers for a proposed borrowing of 9.9 million dollars for the project. An estimate of bonds paid over the past 19 years would add an interest expense of just over 7.1 million dollars based on 6% interest rates, including debt service on three existing bonds outstanding totaling 19.9 million dollars over the past 19 years.
Only one patron attended the public hearing and inquired about the use of the new activities center being open to the public and if any unforeseen or additional insurance liabilities would be incurred.
Superintendent Harmon explains the board will hold a second public hearing next Thursday to discuss and hear objections, support, questions, or suggestions regarding the proposed projects.
The Board could also consider the adoption of a resolution making a preliminary determination to enter into a lease agreement relating to the projects and to issue bonds to finance the projects at next Thursday’s meeting.
