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Presentation Overview

• Capital Improvement Plan

• Capital Funding Options

• Meeting Outcomes

• Next Steps for Joint Meeting with Supervisors on April 23rd

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Completed or In Process Projects since 1998 (~$240M)

• Auburn Elementary School – 1998 • Convert Riner Elementary to AMS - 1999 • Eastern Montgomery High School – 2000 • Kitchen/Cafeteria Addition at SMS - 2001 • Blacksburg Middle School - 2002 • Christiansburg Middle School - 2003 • Stadiums – CHS, AHS, EMHS – 2005, BHS 2007 • Roof Replacements – 1998 through 2002 • EMES – 2010 • PFE – 2011 • Air Conditioning – All schools • School Board Office Relocation to Bldg C – 2012 • Auburn High School - 2013 • Blacksburg High School - 2013 • Auburn Middle School - 2014

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CIP Priority Guidelines Critical

• overcapacity - age/deteriorated - and program limitations (classrooms, gyms, cafeteria, library, etc)

Serious • age/deteriorated – program limitations –

and future overcapacity

Important • overcapacity and/or other issues

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2013 CIP PROJECT PLANNING Critical

PROJECTS PRIORITY

PROPOSED FUNDING

2006 2013 (proposed)

Date Source

Christiansburg Area Elementary Project (Combine, Recapitalize and Add, Replace) • Includes all elementary schools in Christiansburg

Area • Belview 1954, CES 1963, CPS 1972, FBE 1992

Critical Critical

Christiansburg High School Project 1974

(Combine, Recapitalize and Add, Replace) Important Critical

Annual Budgeting for Capital Maintenance Projects (Cardno TEC) @ $2M/year

Critical

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2013 CIP PROJECT PLANNING Serious

PROJECTS PRIORITY PROPOSEDFUNDING

2006 2013 (proposed)

Date Source

Shawsville Middle School (1935)

(Combine, Recapitalize and Add, Replace) Serious Serious

Alternative School, to include Independence Secondary, Rivendell, and Phoenix Program • OCMS main building is a temporary option

Serious

Technology Building (1953) (Recapitalize and Additions, or Demolition) • May need expansion area for CHS project • Additions, windows, paving, roofing

Important Serious/ Important

New Joint County and School System Support Building at the County Gov. Center • Technology, Facilities, Warehouse • To alleviate space concerns at CHS site and

Transportation

Important Serious/ Important

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2013 CIP PROJECT PLANNING Important

PROJECTS PRIORITY PROPOSEDFUNDING

2006 2013 (proposed)

Date Source

Blacksburg Area Elementary Project (Combine, Recapitalize and Add, Replace) Gilbert Linkous 1964, Margaret Beeks 1963, Harding Avenue 1972

Important Important

Athletic Support Facilities • One high school completed by boosters

Important School/ Community

Funding

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Funding Options Three principle means: Cash – Use current revenues to pay for projects Bonds – Borrow in bond market (General

Obligation Bonds, Literary Fund, Virginia Public School Authority, Industrial Development Authority IDA Bank Loan – Borrow direct from bank, usually

used for interim or short term

Cost, funding availability, interest rates, fees,

and timing will influence approach used

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Funding Example • Borrow $100,000,000 @ 4% for 20 years

• Annual Principal & Int. = $7,358,175

If a 1 cent tax increase = $700,000,

Then the Estimated Impact Tax Rate = 10.5 cents

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Macro Cost Estimate Current In 5 Years • New elementary 600 students $23.0 M $25.0 M Recapitalize @ 80% of new $18.4 M $20.0 M

• New High School 1400 students $62.5 M $67.5 M Recapitalize @ 80% of new $50.0 M $54.0 M

Above estimates based on cost of recent & current

projects – variables of existing land & buildings may decrease or increase cost. Above estimates do not include land costs.

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Meeting Outcomes

• Current Capital Priorities – Reach Agreement

• Funding for Feasibility Study for Critical Projects in the Christiansburg Area - Request

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What are the goals of a Feasibility Study?

• Determine Capacity and Program Planning

• Develop and Recommend Project Options – Such as Recapitalization and Additions; Build New; Combine

Schools; Redistricting

– Order of Magnitude Estimates

• Identify Zoning Regulations Issues

• Identify Building Code and Regulatory Issues

• Identify Utilities Infrastructure Issues

• Identify Traffic, Road, Property, and Security Issues

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Next Steps to Prepare for Joint Meeting with Supervisors on April 23rd

• Share Project Priorities Matrix

• Share established need for capital maintenance funding stream

• Share capital project needs requiring short and long term funding

• Discuss funding opportunities and methods to meet long and short term capital needs of the school division

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