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Joplin School Board Approves New Short Term Financing Deal to Cover Rebuild Costs Until Reimbursed by SEMA/FEMA

Updated:
Special Session Special Session
A new loan for  the Joplin School district. It's  borrowing for the rebuilding effort will now hit $51 million dollars total.  

The school board unanimously approved new short term financing with  the Bank of America for nearly $29 million dollars.  
The decision came in a special session this afternoon. 
  Half  that money is needed to pay contractors working on  finishing  the high school performing arts center,  landscaping around it and other safe rooms projects still underway.   The district expects to receive nearly  thirty million dollars in reimbursements from the state and FEMA to pay back the bank.  Fourteen million dollars of the loan will pay off   previous financing  for the rebuild effort,  including storm shelters, because this loan has a better interest rate. That rate is moving from one point zero four percent to one point zero one.  

Despite the better deal the district  will pay more than six hundred  thousand dollars in interest for the twenty-nine  million dollar loan that must be repaid by June 1, 2016.  

This financing does not include the cost of restoring the mall school back to its original look which is being negotiated with building owners. Nor does it include the remodeling of Memorial High School to accommodate the administration offices when the former MODOT building is vacated. 

The new loan includes eight million dollars in what the district calls funds for errors and omissions.  Those are construction items the district believes were omitted from FEMA estimates but should be covered in reimbursements.

Chief financial officer Paul Barr says, ""They are things we feel were left out of a project cost  development either inadvertently or for reasons maybe didn't consider a retention wall we would need or maybe didn't consider an ADA sidewalk with handrails."

If FEMA does not reimburse the district as anticipated, it would consider turning to long term financing.



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