Local school bonds advance
Lodi Unified trustees set plans for district projects using Measure U funds
Lodi Unified School District board of trustees gathered to discuss proposed Measure U projects and timelines on Wednesday night.
Measure U, which was passed by Lodi-area voters in November 2016, authorized the district to issue a general obligation bond in the amount of $281 million for the purpose of repairing and renovating Lodi Unified schools.
According to Lodi Unified School District Chief Business Officer Tim Hern, the board approved the bond on April 18 and a rating meeting was held in San Francisco on April 20. Hern said the districts anticipates the bond sale will be rated on May 1 and the actual bonds will be presented on May 4 and priced on May 10. They will close on the bonds May 24.
Hern said the rating will affect their price, and the state of the district’s past and current bonds and leases will be considered during the process. Hern said he was positive that the district will receive a decent rating that will allow them to the to price their bonds according to market value. There will be about a 28 year payback period on the entire bond amount, he said.
Senior Director of Operations Warren Sun said that Measure U was just a continuation of the district’s facilities master plan, adopted in July 2016.
According to Jeff Palumbo, a representative from Vanir Construction Management, the plan identifies 17 project categories based on the district’s goals, estimated to cost around $1.5 billion in 2016 dollars. However, the budget was reduced to about $482.9 million after it was determined that district’s needs were greater than the available funding.
The project focuses on three levels of priorities. The main focus is Level One, which is estimated to cost almost $216.7 million. Level One projects include fire alarm and intercom upgrades, replacement of portables that are more than 30 years old, Lodi High classroom reconstruction and the Tokay High Gym.
Measure U funds will mostly be used for Level One projects.
Level Two priority projects include the replacement of portables more than 20 years old, construction of new classrooms, reconfiguration of kindergarten classrooms, reconstruction of Lodi High science labs, upgrades to middle school gyms and changing rooms, and upgrades to elementary school media, music and fitness classrooms. Level Two is estimated to cost $229 million.
Level Three priority projects include elementary school multi-purpose room upgrades and upgrades to the Lodi High pool. Costs for Level Three are estimated at $37.2 million.
Palumbo said Level One projects were broken up into four phases. The quick start phase will cost $6.6 million; phase one will cost $73.3 million; phase two will costs $63.2 million; and phase three will cost $73.4 million.
The projects are scheduled to take place as soon as possible and Palumbo said the execution and completion of the work will depend on the design process, Division of the State Architect approval and the pace of bond sales. According to the draft schedule, the quick start phase is set to begin in the second quarter of 2017 and all three phases are expected to be completed by the first quarter of 2024.
The board is slated to consider the approval of the budgets and schedule for the Level One priority on May 2.