MCC Community,
We have a couple items to share with you regarding the building project.
The bond selling process has gone very well! Our district received an A1 rating and was praised for sound financial management and for having a strong enrollment trend. This high rating is excellent for a school our size and makes the bonds a more attractive investment.
Our bonds went for sale on Wednesday. All the building bonds sold. The underwriters at Baird were able to earn additional premium which will be used to enhance the project fund while keeping the borrowed amount at the 18.9 million the community approved. The true interest costs on the bonds came to 4.41%. A higher than estimated Enbridge tax evaluation allowed the term of bond to be 22 years instead of 25 at a similar cost to homeowners, farmers, and businesses.
Next week you may see some action around the buildings. A company called American Engineering Testing will be on site at all three sites conducting soil bore sampling. The results will help architects know details that will help them when planning for foundations for the new spaces.
Later this month we have some user group meetings with the Architect to help them understand how we intend to use new spaces which helps them in the design process.
We encourage you to check www.buildmccstrong.org periodically. We will use the page to post updates.