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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

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