Kent Street News
Madison Public Schools
From the Desk of the Superintendent
Board of Education to move forward for future school improvements.
Following the January 29,2018 community informational meeting, the Madison Board of Education has moved forward to prepare for a construction project to begin in April of 2019.
During a Special meeting held on March 5, 2018 a motion was made to approve the “White Plan” with two additional motions being made to commit the board to expend $4.0 million for the planning, constructing, and/or carrying out of a competition gym and locker rooms; with an additional $1.5 million for the construction of a Middle School Commons.
The Board of Education formed the Madison Educational Leasing Corporation that entered into a 7 year lease with Five Points Bank to borrow 4 million dollars (minus fees) at the coupon rate of 3%.
Amount Term Estimated Payment Estimated Levy
$4,000,000 7 years $820,000 9.0 cents (SBF)
Lease will be paid in full on 8/31/2025
The Board has entered into a contract with Fakler Architects, L.L.C. for the future projects with estimated fees of $290,000. At this time the Board is working to finalize some preliminary drawings that will serve as a model of the new buildings. In the paper are the rough drafts of the drawings at this point.
The rough time frame to advertise for construction firms is projected to begin in October of 2018 with bids being due to the Board in December of 2018 with construction to begin in April of 2019.