Awaiting the guaranteed maximum price

November 13, 2012

The $50 million estimate to build the new Walhalla High is likely to escalate by an amount yet to be determined. It’s called a guaranteed maximum price, and that figure is to be delivered early next year to the school district from Trehel, the project construction management company at risk. Dr. Michael Thorsland, assistant superintendent for operations, addressed the question for 96.3/WGOG NEWS, at the end of last night’s board of trustees meeting. Thorsland addressed the cost of the new high school after telling the board that, to overcome a cash flow problem, the administration recommends a form of equipment-lease financing of between $5 and $8 million, required to keep the project on schedule. He said there will be no change to 31 tax mill debt service, nor does it count against the district’s eight percent borrowing cap.

 

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