Our Finance Committee and Administrative Council have approved a plan to acquire a 1.6 million dollar line of credit. We hope not to use that much money but we felt that we had to have that much approved. We still have $418,000 in our Building Fund but with our District Committee and Superintendent’s approval, we will borrow on that line of credit at a locked rate of 3.5% for first five years.
Our campaign pledges will more than cover that loan payment through 2019. We will then need to make the decision to either have another capital campaign or to add the loan payments to our annual budget.
We have had two change orders. The money for these orders did not put us over the parameters we set at our Charge Conference to acquire a loan. One change order was made to remove posts from several classrooms that we saw were going to limit how teachers teach. The other change order occurred when the Building Inspector changed the initial report that we had from that office for our Charge Conference. They substantially changed how we must meet the fire code. We are far along enough in the process now that we do not foresee any more change orders.
We are on schedule to roof our entire facility soon and to have the renovation work completed in December.