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Byrneville Elementary Begins Process To Finance New Construction
April 1, 2019
Byrneville Elementary School is moving forward toward a loan to construct new classrooms to replacing aging portable buildings.
The loan, estimated to be up to $3 million, will be through the USDA Community Facilities Direct Loan and Grant Program through United Bank.
United Bank Vice President Chris Walker told the Byrneville Elementary board of directors that through the program the loan rate will be below prime, and the bank will hold a revenue warrant rather than a mortgage.
“This is so good for the borrowers. That means they are not going to seek a mortgage on the property which saves you closing costs,” he said.
Capital Trust Agency Executive Director Ed Gray attended the board’s meeting to offer financial advice in an unofficial capacity at no charge. He said the board may need to divide their overall construction project into smaller, more affordable projects.
Byrneville, a charter school that operates under its own board of directors, will first submit financials to United Bank to determine the feasible loan amount before moving forward.
Last year, the board discussed an ambitious building program for a new building with 10 classrooms, a 1,000 square foot multipurpose room and associated spaces, and a new cafetorium with a serving kitchen. The project would also have included upgrades to the existing main school building to include fire sprinklers and central air conditioning and converting the existing cafeteria into a library space that will include a closed circuit television studio. The estimated price tag with furnishings was about $7.7 million.
Byrneville Elementary Principal Dee Wolfe-Sullivan said “we know right now we can’t” afford a loan for the complete project to include complete renovation of the school’s main building, which was constructed in 1941.
Pictured top: Byrneville Elementary School board of directors members Cheryl Boutwell and Jeremy Hawsey listen to a presentation from United Bank Vice President Chris Walker. NorthEscambia.com photos, click to enlarge.
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