Year one: $7,175,780
Iowa Central rolls out its spending plan
Iowa Central Community College’s $25.5 million general obligation bond, which will pay for a variety of building improvement projects, will be broken down into phases and sold with multiple bond sales, according to Angie Martin, the college’s vice president of business affairs.
The Iowa Central board of directors discussed the bond during its regular meeting inside the Warren Hunt Conference Center on the college’s main campus Tuesday night.
“We are working on when and how the bond sales will occur,” Martin said. “We are looking at a $10 million bond sale for the initial phase.”
Martin said the bond sales will be announced through multiple board meetings.
“Right now we are looking at the April, May, June meetings for that to occur,” she said. “We are working through the details with our legal counsel and financial advisors.”
At the meeting, the board unanimously approved a pre-levy resolution and a reimbursement resolution.
The pre-levy resolution allows the college to levy to taxpayers. That’s necessary because the bond debt will be paid off with property tax revenue.
The levy to taxpayers was essentially approved when area voters OK’d the bond in February, but Martin said the board’s passage of the resolution was a necessary step.
The bond was approved with 67.5 percent voting yes.
To pass, the bond issue had to be approved by at least 60 percent of those who cast ballots.
The reimbursement resolution allows the college to be reimbursed for any expenses between now and when the college receives the money, according to Martin.
“It’s so we can reimburse ourselves with the bond proceeds,” she said.
Martin said a resolution would be needed for each bond sale.
“There is different spend rules,” she said. “We have a certain amount of time to spend each bond.”
Dan Kinney, Iowa Central Community College president, said certain projects will have priority over others.
“Everybody’s priority is there,” Kinney said. “There are certain things that need to be done first. The student services center has to go first, so we can do things to the current student services center.”
“The student success center will be among the first items for many reasons,” she said. “Once we move some of the student services out of the current building, we can remodel that for academics.”
Kinney said a lot of exterior work needs to be done.
“That industrial center in Storm Lake is very important to get that up and going,” he said. “We have to get that roof fixed over in Storm Lake. Really all the roofs are a priority. Also the windows in Webster City need to be sealed up.”
The college’s current projection shows a $7,175,780.65 cost for year one.
Martin said that number could go up or down.
Construction of the new Greehey Family Student Success Center on the Fort Dodge campus and improvements to the Storm Lake Center, Webster City Center, Science Building, Applied Science and Technology Building, Liberal Arts Building, and Decker Auditorium, are on the docket for year one.
Kinney said staff at the college’s centers would be consulted in the coming weeks.
“Our next step is we are going to get more and more of the faculty and staff within these divisions and centers involved as we continue to move forward,” he said. “We have some architectural firms we are meeting with.”