AGENDA REQUEST

Sponsor: 

Board of Supervisors Meeting Date:

Raymond E. Graham, Chairman, Cedar Run District Supervisor

August 11, 2005

Staff Lead:

Department:

Bryan Tippie, Interim Finance Director

Finance

Topic:

 

A Resolution Approving the Filing of an Application with the Virginia Public School Authority for a Loan in an Approximate Principal Amount of $13,210,000

Topic Description:

 

The following projects were approved by the Board of Supervisors.

 

Claude Thompson Elementary School                                           $ 8,390,000

                                        

 Liberty High School HVAC                                                        $ 2,100,000

  

Cedar Lee Middle School Library  Expansion                              $ 2,720,000

                                                                                             

TOTAL                                                                                     $13,210,000

 

Claude Thompson Elementary School

 

In March 2003, the Board of Supervisors approved the School Divisionís request for $3,144,000 to renovate Claude Thompson Elementary School.  Based on a request from the School Division, an additional $3,650,000 was approved in December 2004.  On July 8, 2005, the construction bid for the project was opened and it is estimated that the total cost of the project could now cost $9,966,000, an increase of $3,172,000.

 

Liberty High School HVAC

 

A portion of the proceeds will be used for Liberty High School Heating, Ventilating, and Air Conditioning (HVAC).  In June 2004, the Board of Supervisors approved $4,000,000 in additional funding for the Liberty HVAC project to improve air quality at that facility. Previously $769,996 had been appropriated for this project. Earlier this month, bids were opened for upgrading the HVAC system and they reflected the recent escalating costs of all types of construction and renovation. To fund the HVAC alternative plan initially requested by the School Division will now require an additional $2,100,000. The total cost of the project would be $6,869,996.

 

 

Cedar Lee Middle School

 

The construction of a new library, and renovation of the existing library into classrooms at Cedar Lee Middle School was approved as part of the FY 2006 Budget at a total cost of $2,720,000.

 

Requested Action of the Board of Supervisors:

Consider adoption of the attached resolution.

 

 

Financial Impacts Analysis:

 

The County will incur annual debt service payments beginning in Fiscal Year 2007 of approximately $1,320,000 for 20 years.

 

Identify any other Departments, Organizations or Individuals that would be affected by this request:

Fauquier County Public Schools

Fauquier County Administration

Fauquier County Budget Office

Fauquier County Treasurer's Office