I.The Building/Remodeling/ Renovating Project NSSED North Shore Academy (NSA) and Administration...

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Transcript of I.The Building/Remodeling/ Renovating Project NSSED North Shore Academy (NSA) and Administration...

  • Slide 1
  • I.The Building/Remodeling/ Renovating Project NSSED North Shore Academy (NSA) and Administration Office Building/Remodeling/Renovating Project
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  • The Building/Remodeling/Renovating Project North Shore Academy Building New building (requires demolition of the existing building) New building to be located on the existing NSSED property located at Red Oak Lane in Highland Park Expanded space to facilitate the current and anticipated NSA academic/social program needs Approximately 52,000 Sq Ft including space for two additional classrooms, gymnasium and cafeteria Administration Office Remodeling/Renovating Life Safety Must Dos Additional configuration changes to maximize available space TOTAL PROJECT AMOUNT Not to exceed $16.1 Million I. A
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  • NSA N Edgewood Stratford Red Oak Lane Ridge Alter Residence Maint Bldg SCHEME D.4 RUBLOFF /ECCIL ADMIN LEGEND NSA ADMIN ELS & OT/PT PARKING & TRAFFIC NSA-E ECP New NSA Building; Admin Center Remodeling/Renovating New NSA ADMIN Project Option 1 I. B
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  • New NSA Building; Admin Center Remodeling/Renovating and Relocation N Edgewood Stratford Red Oak Lane Ridge Alter Residence Maint Bldg SCHEME H.1 RUBLOFF /ECCIL LEGEND NSA ADMIN ELS & OT/PT PARKING & TRAFFIC NSA-E ECP 1 Story 2 Story New NSA ADMIN Project Option 2 I. C
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  • Anticipated General Construction Timelines North Shore Academy Building Fall 2008 Early Spring 2009 Design Work Spring 2009 June 2009 Bid Documentation and Awards June 2009 Begin Construction Fall 2010 Substantial Completion Winter (December 2010) Move-In Spring 2010 Demolition of Existing NSA Building and Final Site Work Administration Office Remodeling/Renovating Fall 2010 Design Work Winter 2011 Bid Documentation and Awards Summer 2011 Construction Fall 2011 Substantial Completion August 2011 Move-In I. D
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  • Construction Management NSSED will engage a Construction Manager for this project. NSSED will utilize internal Buildings & Grounds staff to provide Project Management. NSSED will create a Superintendents Construction Oversight Committee during the duration of the project. The suggested Committee members include the following: NSSED Superintendent NSSED Business Manager A Member District Superintendent A Member District Business Manager A Parent and/or Student of NSA NSA Program Administrator Community Member Governing Board Member Not On Task Force Task Force Member Architects Construction Manager Other individuals as the NSSED Superintendent believes are necessary Construction Oversight Committee will make regular reports to the Governing Board regarding the status of the construction projects including any change orders, construction expenditure recommendations etc. I. E
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  • II.The Allocation Method NSSED North Shore Academy (NSA) and Administration Office Building/Remodeling/Renovating Project
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  • Project Cost Allocation methods: Project Cost Allocation methods: EAV 2-Way Split Member District allocations based upon Member District EAV (Equalized Assessed Valuation) from Tax Year 2006 (most recently available) Member District Enrollment as of Fall 2007 Housing Report 3-Way Split Member District allocations based upon Member District EAV (Equalized Assessed Valuation) from Tax Year 2006 (most recently available) Member District Enrollment as of Fall 2007 Housing Report Five (5) year average Enrollment in NSA (North Shore Academy) programs, as of May of each year (2004, 2005, 2006, 2007 and 2008) Final Allocation Method recommended by the Superintendents and Business Managers, Task Force & Governing Board: Final Allocation Method recommended by the Superintendents and Business Managers, Task Force & Governing Board: Average of the 2-way and 3-way Split Allocations per Member District Allocation Methods Considered II. A
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  • Total Allocation of Project Cost For Member Districts II. B
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  • III.Upfront Payment and/or Special Education Revenue Bonds NSSED North Shore Academy (NSA) and Administration Office Building/Remodeling/Renovating Project
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  • Construction Financing Information Member District Contribution Upfront Payment Member District Contribution Financing Payment NSSED PROJECT To finance the project, NSSED will use (1) Upfront Payment Contributions and (2) will issue SPECIAL ED REVENUE BONDS. The Special Ed Revenue Bonds will be paid for via the Allocation Method by Member Districts who DO NOT pay upfront. III. A
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  • Construction Proceeds and Debt Service Payments Construction Project Account Created Upfront Proceeds Special Revenue Bond Proceeds Interest Income Earned can be used to offset project costs If funds are remaining in project fund after project is completed: Can be transferred to any operating fund of NSSED Administration & Governing Board will determine use of remaining funds Debt Service Fund Created Payments for Special Ed Revenue Bonds will be collected in NSSED Debt Service Fund Interest Income in Debt Service Fund can be transferred to any NSSED operating fund. Administration and Governing Board will determine use of excess interest income in debt service fund. III. B
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  • Special Education Revenue Bonds Issuer: NSSED Issue Date: Est. November 2008 First Interest Payment: June 1, 2009 (Capitalized) First Principal Payment: December 1, 2009 Term: To Be Determined Amount of Annual Payment: To Be Determined (See following pages) Security: General Obligation of NSSED Additional Security: Joint & Several Liability of Member Districts based on EAV at time of financing. Amend NSSED Articles of Agreement Regarding the Allocation Method for this Project Only III. C
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  • General Information Regarding NSSED Debt Service Three Financing Options for NSSED Special Education Revenue Bonds Nothing Financed (ALL Member Districts Pay Upfront) 15 Year Term for Bonds 20 Year Term for Bonds Amount of Special Education Revenue Bonds will be determined once all Member Districts have determined their contribution method (i.e. upfront or financing). General Total Interest Cost based on current market conditions (June 27, 2008) 15 Yr. = 4.38% 20 Yr. = 4.68% III. D
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  • III. E
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  • Upfront Payment Contribution Based on Member Districts percentage of Project Allocation. When: Billed to Member District July 1, 2009 Payment Due Date August 1, 2009 Upfront Payments deposited into Construction Fund account. Interest Income earned can be used to pay project costs to be determined by the NSSED Governing Board III. F
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  • Upfront Payment Contribution Option III. G
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  • Financing Contribution Option Member Districts that choose to make their contribution using the financing method NSSED issues a Special Education Revenue Bond Member Districts do not count their contribution of the debt in their debt limit. Member Districts make an annual payment for the term of NSSEDs Special Education Revenue Bond. Financing Contribution payments will be billed July 1 and will be due August 1 each year. Payment of Member Districts portion of the NSSED debt is based on the agreed upon Allocation Method. III. G
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  • Summary of Impact to Member Districts Depending upon the choice of 15 year NSSED financing or a 20 year NSSED financing (two options that were presented), Member Districts will pay approximately the same amount as if no Member District paid upfront. Although the percentage participation of the financing amount may differ depending upon which Member Districts pay upfront and which elect to finance, the amount of the individual Member Districts debt service will be substantially the same. III. H
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  • III. I Example 1
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  • III. J Example 2
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  • Anticipated Finance Timelines III. K