Financial Investment
Previously, the costs for the Culinary and Fashion Design Renovations came back significantly higher than anticipated when bid as a standalone project. The Board rejected those bids and agreed with the administration's recommendation to combine the smaller project with the larger Net Zero Science Building bid to take advantage of economies of scale. That resulted in a reduction in cost for the renovations of $344,494.
In July, the Board approved the administration's recommendation including the base bid for the science building, alternate A for the culinary and fashion design renovations, and associated costs totaling $29,851,373. Offsetting the total cost are a $2 million Illinois Clean Energy Grant, a $40,000 ComEd New Construction Grant, and a $500,000 Illinois State Capital Improvement Grant. That brings the total cost to the district to $27,311,373.
Additionally, a building of this size would typically incur energy and maintenance costs of around $84,500 annually. As a net zero building that cost will be reduced to $0.
The district will use the $20 million capital improvement bond it sold last year to cover the majority of the expense. The remainder will come from district reserves. The district currently has 9.3 months of reserves across its operating funds and working cash. This will reduce reserves to 7.9 months over the next five years. Investing in these capital improvement projects balances the academic and career pathway needs of students today with the long-term fiscal responsibility of the district.
Other alternates in the bid that were not approved include renovations for the B and G Building areas currently occupied by the science department as well as an outdoor classroom and learning garden space. The district will look for alternative funding to address those areas.