Banker: Byrneville Elementary Needs To Make Changes To Secure Millions In Building Financing

April 25, 2019

As Byrneville Elementary School ponders a multi-million dollar building project, they are being told changes may be needed to secure financing.

United Bank Vice President Chris Walker told the Byrneville Elementary School Board of Directors Wednesday afternoon that they will need to increase revenue by increasing enrollment or find a way to cut expenses to be in the best position to borrow the funds needed for construction.

Byrneville is considering financing with the the USDA Community Facilities Direct Loan and Grant Program through United Bank.

To do only new classroom construction to replacing aging portable buildings, the school would need to increase enrollment by about 30 students. To build the new classrooms and renovate the school’s main building, which was constructed in 1941, the school would need some 40 to 45 additional students.

The dollar figure for the project depends on how much is scaled-back, but the overall project was estimated at up to $7.7 million, according to an architect’s needs assessment.

“Your expenses went up, but your number of students went down,” Walker told the board of directors.

There were about 200 students last school year at Byrneville Elementary; that number is about 190 now.

Pictured: United Bank Vice President Chris Walker addresses the Byrneville Elementary School Board of Directors Wednesday afternoon. NorthEscambia.com photo, click to enlarge.

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Written by William Reynolds · Filed Under News