The Culver Community School Board opened a public hearing Monday night to take comments on the Fifth Amendment to the Lease for the upcoming building projects.
Superintendent Karen Shuman explained that the projects will be funded by lease financing.
“The building is currently subject to financing lease, therefore we are amending that lease to increase the lease rental due for the school corporation,” stated Shuman. “In exchange for the increased lease rental, the Building Corporation will use those bond proceeds to make the needed improvements to the buildings. The increased lease rental as shown as the maximum amount in the Fifth Amendment to the Lease will be sufficient to pay the principal and interest due to the bond holders.”
There were no public comments during the public hearing.
Following the closure of the public hearing, the school board members approved a resolution authorizing the execution of the Fifth Amendment to Lease, and other resolutions pertaining to the projects.
The upcoming projects include the upgrade of electrical components at the Middle School/High School, some exterior building work, bathroom renovations, installation of a new gym floor, and replacement of water piping. An ADA lift would be added to the stage, and the locker rooms would be remodeled for ADA requirements. The band and choir rooms would be renovated to eliminate fixed risers, the FACS rooms would be renovated to accommodate a Culinary Studio, new pick-up and drop-off areas would be designed, and asphalt would be replaced.
At the Elementary School, water piping would be replaced, the gym floor would be replaced, the boilers would be replaced along with hot water heaters, and an ADA lift would be added to the stage. The Media Center would be renovated into a collaboration learning lab, and officials would design a new front and back pick-up and drop-off area.
The design would begin this year with bids to be let in November or December in 2022 and with improvements to begin in Spring of 2023 with all of the improvements to be complete in 2023.
Baker Tilly Advisor Brock Browsher previously said the maximum of two series of bonds of $12,050,000 would be obtained for the project with a 22-year lease repayment to begin in 2024.
