DESCRIPTION OF PROPOSED SCHOOL CONSTRUCTION PROJECT
Spectrum High School #4160-07, through its affiliated building corporation, Spectrum Building Company, is proposing the purchase of and improvements to an existing facility, and adjacent 10 acres, located at 17823 Industrial Circle Northwest, Elk River, Minnesota as well as the advance refunding of Spectrums 2012 and 2014 bond issues. The total project cost, including bond issuance, is estimated to be $24,726,543. The purchase price of the existing facility is $1,848,500 and the adjacent 10 acre parcel is $200,000. Proposed improvements include renovations to the existing warehouse structure and a building addition to house a gymnasium at an estimated cost of $4,151,500. With the proposed addition, the facility will provide building space to serve roughly 850 middle/high school students. Estimated costs associated with the proposed projects and bond refundings are as follows:
Spectrum Building Company will be responsible for the annual debt service payments associated with the proposed facility acquisition and will, in turn, lease the facility on a long-term basis to Spectrum High School #4160-07. The charter school will use lease aid under M.S. 124E.22 and unrestricted general fund dollars to fund the annual lease payments.
Spectrum High School #4160-07 has supplied enrollment and operating cost projections showing they will have sufficient pupils and financial resources to fund the lease costs associated with the proposed facility acquisition and improvements. The charter school board believes the proposed acquisition and improvements are in the best interest of the charter school and address both current and long-term facility needs.
REVIEW AND COMMENT STATEMENT
Based upon the departments analysis of the school districts required documentation and other pertinent information from sources of the Minnesota Department of Education, the Commissioner of Education provides a positive review and comment.
ADDITIONAL INFORMATION IS AVAILABLE
Persons desiring additional information regarding this proposal should contact the charter schools directors office.
September 20, 2017
/s/ Dr. Brenda Cassellius, Commissioner
Published in the
September 30, 2017