As the District prepares to wish treasurer Michele Mills a happy retirement on Monday, she had one final significant task to complete in St. Louis prior to her departure. Ms. Mills was present for the sale of $65 million in bonds that will fund the elementary facilities master plan approved by voters on May 2.
On Tuesday, July 25, the District sold its voter-approved bonds in the amount of $65 million. Strong demand for the Aaa-rated bonds resulted in an average interest cost of 4.36% – well below the estimated interest rate of 5.25%. If interest rates decrease after seven years, the District can “call the bonds” and reissue them at a lower rate. The funds will be remitted to the District on August 15.
Several early milestones are underway as we enter the design phase. The Board recently approved the hiring of Project Management Consultants (PMC) to continue serving as the owner’s representative. PMC will coordinate all aspects of the master plan and act on the District’s behalf to ensure the project is delivered on time and on budget. Discussions are in progress to extend a contract with ThenDesign Architecture. In addition, the Board recently approved a request for qualifications to hire a construction manager at-risk to direct the pre-construction and construction phase. After a thorough vetting process, the Board will vote on a recommendation in September.
As we continue to put together the pieces and parts to carry out the elementary facilities master plan, we will look to you – our community, staff, and students – to provide input in the design phase. Your involvement is critical to our success in bringing new buildings and improved grounds that will serve our entire community.
Thank you for your partnership,
President, Beachwood Board of Education