Farmington ready to build stadium

FARMINGTON — The School District approved a bond issue to pay for a football/soccer stadium, concession stand and restrooms, press box and separate track and field facility at the new high school.

The 30-year bond issue will generate more than $4 million for the district, School Board members learned recently. The board last week authorized issuing and accepting the bonds.

Superintendent Bryan Law said the money will be placed in the district’s capital improvement project fund. With the new money, the district will have about $9.5 million in the account.

The School Board last week accepted a bid of $1.13 million from Crowder Construction for site preparation.

Law said he continues to meet with the construction manager and architects to go through design plans and construction costs. School officials have realized they want more than the district can afford.

“We’re going through it item by item and beginning to cut things back,” Law said.

It will take about four months to finish dirt work, which will give the district time to redraw plans, he added.

The district received four bids to purchase the bonds, with Raymond James & Associates, an investment banking firm, submitting the lowest interest rate of 3.3 percent, according to Kevin Faught with Stephens Inc., in Fayetteville.

The bond issue has a principal of $4.5 million, with $4.4 million available for construction. Faught said the difference will be used for fees and costs in issuing the bonds.

Farmington opened its $15.5 million Career Academies High School this fall.

In other business, the School Board gave Law the green light to negotiate on selling 6 acres to Farmington for a new public works building. The city is interested in the northwest corner of undeveloped land next to Williams Elementary School on Broyles Street.

Board members indicated they would be willing to consider selling 325 feet of frontage along Broyles to the back property line. They wanted to protect the rest of the land for development.

Law said the land has been appraised three times, with the first appraisal of $25,300 per acre and the last two appraisals, $22,500 per acre.

He said he believes the board would be interested in selling the land for a price that falls within those parameters.