Recently, the Concord Monitor reported that the Concord School District secured its funding for the elementary school consolidation projects at a very low interest rate, less than 4 percent.
With interest and state funding, the final cost of the entire project will be about $112 million, assuming no major (more than the 10-15 percent budgeted) cost overruns occur during the demolition and construction phase of the projects (I should note that this price does not include all the money already spent to get the district to this point, which would probably be another $1 million and change, when including interest).
In other words, as I have been saying for about four years now, the project will be in the $100 to $150 million range, albeit on the low side of that guess.
That said, no apologies necessary from all the naysayers who said I was lying or that my figures were too high or that I didn't know what I was talking about or anything else. No need. I, and many others, who know municipal budgets and finance, told you all how much the final costs would be and we were right all along, despite your protestations, ignorance, and personal attacks.
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4 comments:
Didn't the Monitor report that the bonding would cost 50 something million. How do you get 100 mil plus?
Simple addition:
Amount bonded: $55 million
Interest paid: $33.5 million
State aid: $23.65 million (paid in small, annual installments)
Total cost: $112,150,000
Now, actually, this isn't the total cost. There's the $800K, plus interest, spent on the architects. There is all the money spent between 2004 and now on all of this. Then, there is the $2.5 million-plus interest spent on the Kimball block houses. That puts the cost up to $115 million.
Let's hope the state aid materializes. It seems that everything is on the table these days.
Indeed Anon847, indeed.
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