Lease accord approved (10/04/05)

A $13 million renovation project at Jay County High School took another step forward Monday night with initial approval of a lease agreement which is part of the funding process.

In accordance with Indiana law, the Building Corporation of Jay Schools will issue bonds to pay for the renovation project. The school corporation will then lease the building from the building corporation, with the lease payments paying off the bond issue.

The proposed lease agreement calls for an annual payment of $1,556,000 for a period of 22 years.

Monday’s board action authorizes the board president and secretary to execute the lease after it has been approved by state finance authorities.

The largest chunk of the high school project — an estimated $7,750,000 — will go toward renovation of the heating, ventilation and air conditioning system. An estimated $2,525,000 will go toward renovation of the existing swimming pool, and an estimated $2.3 million will go toward renovation of the vocational area. A new boiler room and renovation of locker rooms are also included in the plans.

Superintendent Barbara Downing told the board architects are meeting with JCHS principal Wood Barwick and teachers this week as plans continue to be revised. Weekly or bi-weekly meetings will continue through the fall, she indicated.

The board is expected to approve construction documents and advertise for bids on the project in January. The bonding process will take place in March, and construction is expected to begin on April 11, 2006.

Following its public meeting, the board gathered in executive session to discuss the job performance of individual employees.[[In-content Ad]]