Some of the energy efficiency measures included in the Madison High School renovation project have qualified the school district to receive an interest-free loan from the state. During its regular meeting last night, the Madison Central School Board heard from Superintendent Vince Schaefer and Business Manager Mitchell Brooks about a two-point-two-five-million dollar loan the school district has been selected to receive through the state’s energy efficiency school loan program. Brooks said there were several elements of the project that helped the district qualify for the loan.
This loan program through the state is a new program, and Board President Tom Farrell said nothing was added to the project in order to qualify for the loan.
The payback on the interest-free loan is 10 years, compared to the 20-year payback on the nearly six-point-three-million dollars in general obligation bonds that were sold in December, and the just more than six-million dollars in capital outlay certificates that were approved during last night’s meeting. Brooks said this two-point-two-five-million dollar loan helped reduce the amount of capital outlay certificates that need to be issued in order to keep the project at its 14-and-a-half-million dollars in construction costs.
As far as the progress on the high school renovation project, Board President Farrell said it is on schedule so far.
At the end of the board’s meeting last night, members toured the areas of construction and were updated on what has been happening so far. KJAM has pictures from the tour posted here.