JUNCTION CITY, KAN. – Marilee Fredricks, USD 475 Chief Financial Officer announced today that the District is in receipt of a federal Heavy Impact Aid payment that finalizes the $67M escrow target used to fund the new high school.
“The money is deposited and invested. We have both achieved our goal while also earning interest on those escrow funds.”
Marilee Fredricks, USD 475 Chief Financial Officer
During the bond campaign, the District stated that principle and accrued interest from the escrow account will comprise a significant portion of the bond payment. The State of Kansas provides matching funds equivalent to 48 percent with local tax proceeds making up a final seven percent of the bond payment. There remains no need for the District to raise its mill levy to support the construction of a new high school as promised.
Hutton Construction is scheduled to receive the final set of construction documents from SJCF Architecture later this month. Hutton will then issue a Request for Proposals to construct the new high school building and athletic fields. A final Guaranteed Maximum Price for the building and fields is scheduled to be presented to the Board of Education in mid-July.
Earthwork, paving and utilities work on the new high school is underway with a scheduled opening in August of 2021.
For further inquiry, please contact Mat Droge, Executive Director of Marketing and Media Relations through email MatthewDroge@usd475.org.