Joint Recreation Bond Projects Update

Joint Recreation Bond Projects Status
Project
Maxfield Farm WABA and town share of utility work - no East add-on HMMS gym and cafeteria Field House, Kiddie Pool, Pump House and school share of utility work Track & Turf plus field improvements

Design

Bid

Started

Finished

Bond $
3,100,000 2,500,000

Total $
3,100,000
+ $1 Million from land sale




 

3,033,000
add $708K for East

900,000 1,690,000

1,500,000 1,951,000




Totals

800,000 8,990,000

2,914,000 12,498,000

Why were some numbers good and others not?
 Maxfield already designed and bid out  WABA sketch design estimated in 2010  Full design and engineering revealed significant utility work  Final design differs from sketch design  There was no design or engineering work in support

of middle school, track & turf, or Fieldhouse figures

Engineering expenses to date > $100K revealed need of $1.7 million for prep work for track & turf

Lessons Learned
 Major capital projects should be designed and

engineered before developing a bond amount

Example: School Bond of 2011 based on $50K engineering study for $4.5 million – only $4 million was needed = everyone happy

 Double any “guesstimate” for bond language, and wind

up borrowing less
  

Example: HMMS guesstimated at 900K. 900K x 2 = $1.8 million Project comes in at $1.5 million = everyone happy

Moving Ahead
 To accomplish minimum objectives of original bond an

additional $3.6 million is needed

WABA east eliminated (-708K); reuse bleachers (-400K), lights (-75K), black track instead of brick red (-60K)

 To accomplish full objectives of original bond $4.8 million

is needed

This would include the East wing of WABA with full lockers, full replacement of field improvements, miscellaneous site improvements

Alternatives?
 Supplemental Joint bond for $3.6 million  Town could dip into emergency funds, and cut paving 


 

budget, tap other reserve funds Town & School could go back to drawing board on combination Field House & WABA School could cancel Track/Turf and Field House Town could get out of hockey business and close WABA Individual bonds from town and school

Pros and Cons
 Supplemental Bond  Pro: projects done well, work as investments attracting new residents and new revenues  Pro: affirms town – school cooperation  Pro: meets needs of all sport constituencies among residents  Pro: low interest rate environment, borrowing now is wise  Con: tax levy impact goes from 2% to 3%  Con: if defeated creates confusion over intent of voters

Pros and Cons
 Town uses existing resources to do WABA Pro: Project gets done regardless of what happens with school Pro: No need to borrow more Pro: Gives future taxpayers 20%+ break on project cost Con: Will be stripped down version of great vision Con: Current taxpayers foot 20%+ of project cost immediately Con: Where does tapping paving budget or emergency funds or repurposing reserves end?

Pros and Cons
 Town & School go back to drawing board Pro: Fieldhouse / WABA integration satisfies Hurricanes need for dedicated locker rooms for football and hockey seasons Pro: Possible net savings on ideal projects Pro: Preserves spirit of town-school cooperation Con: Nothing settled for some time Con: Possible additional cost to minimum projects

Pros and Cons
 School cancels Track/Turf/Fieldhouse  Pro: Unnecessary, grandiose scheme avoided  Pro: Frees up bonding space for more pressing capital items  Con: Baseball and Hockey constituencies seen to have won, track and football to have lost, dividing town  Con: Town misses opportunity to show positive belief in future  Con: Future of high school back on table in regional consolidation discussions

Pros and Cons
 Town closes WABA  Pro: Oversupply of rinks in region keeps prices low, putting pressure on viability of all rinks; if one closed all rest would be stronger  Pro: If financially viable with renovation why not sell it to a company to run at a profit and reap tax benefits  Con: Would damage HHS hockey programs and attractiveness of school to tuition students  Con: Creates community discord (even suggesting it)

Current Thinking / Estimated Cost
 School will put up $3 million supplemental bond  Town continues to discuss options  Cost of 8.9 million Joint Rec Bond of 2012 is
  

about $600K annually for principal and interest for 20 years at 3% 4.5 cents of $2.225 tax rate $45 per year on a $100K property about $842K annually for principal and interest for 20 years at 3% 6.4 cents of $2.244 tax rate $64 per year on a 100K property

 Cost of going to 12.25 million total bonding is
  

New Track and Field, Field House and WABA

Appendix 1: WABA Illustrations
West Addition East Addition

Wendall A. Barwood Arena as seen from HHS/Pool

Existing WABA layout

East detail

WABA Full Renovation

West Detail

East Detail

WABA concept for 2010 estimate

Appendix 2 - Spreadsheet with detailed breakout of costs
Town / School District Joint Recreation Projects Status and Options Excludes Maxfield Farm sports fields complex - underway and on budget ($3.1 million of bond)
Priority Rating System required by bond implicit requirement protects investment cheaper to do at same time nice-to-have add on 1 must be done, core project 2 must be done, core project requires it 3 should be done to minimize future expenses 4 should be done to minimize current expenses 5 would have been included in bond with perfect information last summer

Component HMMS Gym and related renovations New 8 lane rubber track with all-weather multi-purpose field at high school / middle school / ice hockey arena campus

Owner School School

Justification Recover cafeteria in anticipation of Field House having weight room Principal component of joint rec bond, now includes Fencing(100K), Field light move/modify(75K), move bleachers (10K), new goalposts(30K); prepare ground for installation (1.7 million)

Notes and Comments This work has been finished

Priority 1 1

All sitework, materials, labor costs put All design, permiting, etc. not put out out to bid to bid Direct Costs Related Costs Total Cost $ $ 1,250,000 2,624,868 $ $ 250,000 264,000 $ $ 1,500,000 2,888,868

Bond Amount $ $ 900,000 800,000

Overage $ $ 600,000 2,088,868

Misc Field Improvements Misc Field Improvements

School School

New: Press Box (25K) code req New: Bleachers (400K), Scoreboard (45K), Equip Storage Shed (100K) Nice-to-have improvements being foregone now

2 3

$ $

25,000 545,000

$ $

-

$ $

25,000 545,000

$ $

-

$ $

25,000 545,000

Fields Utility Work Green Mtn elec upgrade Field House

Joint Joint School

Required by WABA and HHS Fields Amount is 1/2 of total Cost unknown, likely to be 100K +/Amount is 1/2 of total Principal component of joint rec bond; includes pump house/pool town portion 220K, 140K bond) All items:

2 2 1

$ $ $

206,620 50,000 1,363,732

$ $

330,000

$ $ $

206,620 50,000 1,693,732

$ $ $

1,690,000

$ $ $

206,620 50,000 3,732

$

6,065,220

$

844,000

$

6,909,220

$

3,390,000

$

3,519,220

what school needs to come up with Wendall A Barwood Arena (WABA)- West addition only Town New West addition with 4 locker rooms to accomodate tournament play, make arena useful year-round Meets needs of HS hockey teams for dedicated lockers

1's and 2's 1

$ $

5,520,220 2,476,000

$ $

844,000 300,000

$ $

6,364,220 2,776,000

$ $

3,390,000 2,500,000

$ $

2,974,220 276,000

WABA - East addition

Town

Nice-to-have improvements being foregone now

3

$

708,000

$

708,000

$

-

$

708,000

WABA Utility Work Green Mtn elec upgrade

Joint Joint

Required by WABA and HHS Fields Cost unknown, likely to be 100K +/-

Amount is 1/2 of total Amount is 1/2 of total WABA w/East addn

2 2

$ $ $

206,620 50,000 3,440,620

$ $

300,000

$ $ $

206,620 50,000 3,740,620

$ $ $

2,500,000

$ $ $

206,620 50,000 1,240,620

what town needs to come up with

WABA no East addn Town & School total

$ $

2,732,620 9,505,839

$ $

300,000 1,144,000

$

3,032,620

$ $

2,500,000 5,890,000

$ $

532,620 4,759,839

$ 10,649,839

Quick Summary of Required Supplemental Funding

For slide show (rounded to nearest 10K)

WABA no East plus Utility share School projects: Field House/Pump House/Kiddie Pool and utility share $ 2,113,868 More than anticipated; actual track and turf alone only slightly over estimate of 800K Track/Turf and improvements

$ $

3,033,000 1,951,000

Track/Turf/Field sitework and related improvements

$

2,914,000

Cost overrun on HMMS work Unanticipated utility work on site Field House / Pump House bid over estimate by

$ $ $

600,000 256,620 3,732

Unanticipated findings during construction School share of total cost

Maxfield HMMS

$ $

3,100,000 1,500,000

Total all Joint Rec Bond Projects School portion of Joint Rec Bond project requiring funding $ 2,974,220 Bond Total

$ 12,498,000 $ 8,990,000

Shortfall

$

3,508,000