As the Seaside School District approaches the end of construction, final costs will cap at about $131.5 million.
The number, about a quarter more than the original 2016 construction bond of $99.7 million, is supplanted by bond sales, interest, state grants, timber money, school sales and most recently a $9 million 20-year loan.
With a favorable rate of return and investor demand, the district acquired the loan at a par amount of $8.1 million, business manager Justine Hill said after a meeting of the citizen oversight committee on school construction.
“We only have to pay back $8.1 million plus interest,” Hill said. “We got $957,000 just as a bonus. That will get us through to finish. We are delighted we met our $9 million target — plus some — so we have a tiny bit of contingency.”
Project expenses, including environment review and permits, extensive site work, construction and equipment, permit fees, consultants, architects and project management brought the costs of the new high school and middle school campus and renovation at Pacific Ridge Elementary to more than $131 million.
Hill said the district had met all of the major costs of remediation. Replacement of the exterior facade, a multimillion dollar project, is covered by insurance after contractors failed to meet initial specifications.
“There shouldn’t be any surprises financially there for us,” Hill said. “At this point pretty much all of the transactions we need to pay for our paid for whatever’s coming up should be all covered with contingency.”