CEDAR FALLS — A plan to sell $10 million in sales tax bonds to fund initial costs of a new high school will be considered Monday by the Board of Education.
The board meets at 5:30 p.m. in the council chambers of City Hall, 220 Clay St.
A public hearing will be held on the bond sales, to be repaid with proceeds from Cedar Falls Community Schools’ portion of 1% sales taxes. Later in the meeting, the board will consider approving a resolution to issue the bonds, which would happen after bids are sought.
The money would cover costs related to a $112.9 million high school construction project on 50 acres near West 27th Street and Hudson Road by the University of Northern Iowa. District officials have planned for $43 million of the project to be paid with future sales tax revenues. In June, voters approved a $69.9 million bond issue that will fund the remainder of the project and be repaid through a property tax increase.
In related action, the board is expected to approve a construction manager agreement and an architect’s contract. Invision Architecture of Waterloo would design and Story Construction of Ames would manage the project.
The management fee is estimated at $1.52 million, or 1.7% of expected construction costs. Personnel and consultant expenses provided on an hourly basis before construction starts are estimated at $464,289.
Architect’s fees are proposed at 6.47% of the construction manager’s design development price including contingencies. Changes to the scope and budget of the project would be negotiated. There are also options to add services for pool planning and audio visual consulting.
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