Total interest cost came in just under what Brainerd school officials estimated for the sale of $1.24 million in general obligation capital facilities bonds.
In a special session Wednesday, the Brainerd School Board awarded $1.24 million in general obligation capital facilities bonds to United Bankers’ Bank of Bloomington.
The bank offered the lowest total interest cost of 1.537 percent, just under the target 1.6 percent estimated in the pre-sale report the district’s financial advisors prepared in January.
The board voted to go with United Bankers’ Bank out of a total of four bids received.
The sale will finance improvements that are already underway for the district.
Offices for the Paul Bunyan Educational Cooperative, currently located in front of the Riverside School parking lot, will move to the Washington Educational Services Building. The parking lot at the Washington building will be expanded, which the Brainerd City Council approved a conditional use permit for this week. The lot currently holds 59 spaces and will grow to 97.
The old cooperative building will be demolished. This would allow for redevelopment of the city block at Riverside school to create a safer and easier traffic flow for school buses and parent pick-up and drop-off site, as well as increase the parking capacity to more than 100 spaces.
Work is estimated to start in June and completed by the start of next school year, Steve Lund, Brainerd School District director of business services.
The next step in the district’s plan is to relocate the warehouse facility that is presently leased for about $100,000 a year from the Baxter Industrial Park to building a new warehouse at the Forestview Middle School site in Baxter.