Unified School District 475 Chief Financial Officer Marilee Fredricks has announced that the district is in receipt of a federal heavy impact aid payment that finalizes the $67 million escrow target used to fund the new high school.
“The money is deposited and invested,” Fredricks said. “We have both achieved our goal while also earning interest on those escrow funds.”
During the bond campaign, the district stated that principle and accrued interest from the escrow account will comprise a significant portion of the bond payment. The state provides matching funds equivalent to 48 percent with local tax proceeds making up a final seven percent of the bond payment. There will be no need for the district to raise its mill levy to support the construction of a new high school.
Hutton Construction is scheduled to receive the final set of construction documents from SJCF Architecture later this month. Hutton will then issue a request for proposals to construct the new high school building and athletic fields. A final guaranteed maximum price for the building and fields is scheduled to be presented to the discrict’s board of education in mid-July.
Earthwork, and paving and utilities work on the new high school is underway, and it is scheduled to open in August 2021.