BRISTOL, Tenn. – Increased material costs have left the city and Bristol Tennessee City Schools with no choice but to dig further into their pockets to fund construction of the new Fairmount Elementary School.
In February 2007, the City Council committed $12 million in bonds to fund the project. After the school system paid up-front costs for design, permits and licenses, about $10.8 million remained to pay for construction.
But when the bids were opened a few weeks ago, the price tag for construction had grown to about $13.4 million.
With the bids remaining valid only through Sunday, Steve Dixon, Bristol Tennessee Board of Education director of schools, drew up a funding proposal approved by the board early this week. The City Council approved it unanimously Thursday.
The plan puts $1.8 million back in the construction kitty but still leaves the board with the task of cutting costs by $375,000.
Funds for construction have been in a bank accruing interest, and the board had planned to use that money to help pay for the new structure.
“We never really knew exactly what that amount was going to be,” said Todd Bailey, Bristol Tennessee City Schools’ spokesman. “We found there was about $425,000 available, but that still leaves us $375,000 short of meeting the bid price – even with the additional school and city funding – and that’s why we’ll need to make some cuts.”
Bailey said board members and a project manager have identified 29 items that could be cut out of the original plan.
“The biggest one is the geothermal heating and cooling system,” he said. “The other things being considered for omission are the dome on top of the library, the iron fence that would surround the school and the automated lighting system.”
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