Laserfiche WebLink
TUESDAY, NOVEMBER 25, 1997 <br /> proposed size, and would be flexible for expansion, if needed, and stated that a report on land conditions on <br /> <br /> the site was due on December 1, 1997. The question was then raised as to whether the School Board might <br /> be willing to reconsider renovation, to which Dr. Trollinger replied that he could not speak for the School <br /> <br /> Board, but that he would like to schedule a Board meeting in mid-December for their consideration and action <br /> <br />./",.on the issue, with City Council action soon thereafter. When asked by Councilmember Teague what the time <br /> line would be for the project recommended, Mr. Rayford Smith stated that the schedule shown was based <br /> upon a go ahead date in December. Mr. Reeves stated that they would like to move ahead on the project <br /> while the site is unoccupied with students, if possible. Councilmember Haskell asked whether both <br /> construction and operating costs were considered in the recommendation, to which Dr. Trollinger replied in <br /> the affirmative. Board member Bemie Gray then expressed concern about a two-story structure. Mr. Teague <br /> then commented that whatever the final recommendation of the School Board, Council should hold a public <br /> hearing on the matter. Mr. Reynolds then discussed the issue of financing for the project, stating that short <br /> term instruments and measures such as IDA Bonds, cash on hand, interest earnings, and force accounts could <br /> be used to begin the project, and long term measures could be financed from such sources as growth in Meals <br /> Tax revenues and savings in electric power costs. He noted that under the current plan, the first debt service <br /> payment would not occur until December of 2001. It was noted that debt service on the new Middle School. <br /> was about $400,000 per year. It was also noted that arbitrage and a short term strategy that resulted in a <br /> significant down payment on the project could reduce debt service payments. <br /> <br />There being no further discussion on the matter, the City Council recessed their meeting in order to reconvene <br />at City Hall for their regular meeting at 7:00 P. M., and the School Board adjourned. <br /> <br />Clerk of Council <br /> <br /> <br />