The first step in building the new Logan Elm pre-kindergarten through 12th grade building began Wednesday with the district’s announcement that it will start selling bonds for the project Feb. 12 with expectations it will raise $44.39 million.
The sale comes just a few months after a strong majority of voters approved the ballot measure during the last general election.
The plan calls for a new pre-kindergarten through 12th grade building built on land the district owns that is adjacent to McDowell Middle School and Logan Elm High School on Tarlton Road.
Later this spring or summer, the district in conjunction with the Ohio Facilities Construction Commission (OFCC), will select an architect and plan for construction. OFCC will contribute $13.8 million in matching funds for the project.
Tim Williams, district superintendent, said the design process should take 12 to 18 months to complete. The building is scheduled to open for the 2022-2023 school year.
Williams said bonds will get sold in increments of $5,000 with maturities ranging from one year to 37 years. They will also be sold in two series.
“The Series 2019 A Bonds will be enhanced with the Ohio School District Credit Enhancement Program while the Series 2019 B Bonds will be enhanced with bond insurance,” he said.
Williams said Moody’s Rating Service rated the district and assigned an “Aa3” underlying rating bonds which according to Moody’s website is considered a high quality bond and subject to very low credit risk for the receiver of the proceeds.
In addition, the Series 2019 A Bonds will have an enhanced rating of “Aa2” and the Series 2019 B Bonds will have an enhance rating of “AA”. Williams said the district will be working with Baird Asset Management to handle the sale.
Williams said the district intends to keep the public updated on the design and construction at the web link, loganelm.org.
If local residents want to purchase the bonds, they may contact their financial advisor or call the Treasurer’s Office at 740-474-7501.
This article provided by NewsEdge.