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Old Main: Where it all Began!. Current Status. 2005 Bond Budget Project Summaries Through 6-30-12. Current Bonding Status. Funds only available from 2005 bond $2.74M available for allocation in Peoria High School budget line.
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Current Bonding Status • Funds only available from 2005 bond • $2.74M available for allocation in Peoria High School budget line. • Only option to move funds would come from elementary renovation and construction project line ($12.1M available) • Currently planned $6.11M over original plan • $4.0 to $7.0 M reserved for school 33 • $5.0M to $8.0 M left available for movement Max movement of $6.69M due to 10% movement limitation Max total for project of $9.43
Additional Considerations • Remaining funds in 2005 bond should be expended in the next 18 months • Based on current projects list, this should not be a concern • First sale of bonds from 2012 authorization scheduled to close in May of 2013
Logistics of Project • Design-build recommendation for project • Original estimated expense of $4.2M for renovation for educational use • Did not include soft costs of 20% (5.04M) • Construction expenses have increased over past two years • Does not include FF&E • Timeline of12 months • 3 months for design • 3 months permits • 6 months construction
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