The purpose of this information is to provide an update on the current costs of Wasatch High School.
The attached document outlines the total costs associated with the new Wasatch High School Project. It includes land costs, architectural and engineering fees, fencing, on-site testing of concrete and soil samples, costs to bring natural gas and utilities to the site, the new camera security system, costs for printing construction plans, keyless entry systems, improvements to the baseball/softball areas, etc. The total cost listed now is $69,117,961.00. This total cost will go down when the school district finalizes it’s contractual agreement with Layton Construction. This is because of an unused balance in a construction contingency fund.
Also listed on the attached document are the revenues associated with paying for the costs described above. Bond proceeds, interest earned from the bonds, and portions of capital budgets from four fiscal years (FY 07 - FY 10) have provided sufficient revenue to cover these costs. All costs beyond what was originally received from the sale of bonds have been paid in full, so what is left to pay is the amount we borrowed originally ($59,500,000). Our debt service payment schedule will allow us to pay this off within 19 years.
We are very excited about the quality of our new high school. We recognize that this new facility makes many new wonderful opportunities available to our students. We also recognize the significant sacrifice of our community residents to make all of this possible. We also thank Layton Construction and Sandstrom Architects who finished the building so that we could move in on time.We look forward to many, many years of wonderful experiences and memories that will take place in this new facility.