Health & Fitness
Phase One Expenses vs. Income and Savings
The expense budget for Phase One of the CH-UH Master Facilities Plan is $153.6 million. This includes $2.65 million for the football facility, half that facility's cost. The other half is to be raised from private sources. (Last year's plan called for 100% of the cost of the football facility to be privately financed.) Including the private sources, total spending on Phase One is $156.2 million.
Funding sources and identified savings which reduced the Phase One budget total $157.35 million.
The bond figure of $134.8 million is a maximum, as is the COPS loan amount of $18.75 million. If the project comes in under budget, the amount of bonds sold and/or loans taken out could be reduced.
Phase One Expenses
To be conservative, the LFC recommended that funding be identified should the other half of the football facility cost not be raised privately. That brings possible spending to $156,295,440. Again, to be conservative, funding and savings were identified that exceeded this maximum possible expenditure.
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Phase One Funding Sources
Bond Issue $134.8 million
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COPS loan 18.75 million
Private sources for ½ stadium cost 2.65 million
Savings from pilot projects* 0.3 million
Adjustment to sustainable
technologies at middle schools** 0.85 million
TOTAL FUNDING SOURCES $157.35 million
* This includes furniture and fixtures from Learning Community pilots at Heights High and Roxboro MS that will be kept (thus reducing the Phase One budget by this amount).
** In consultation with the Sustainability Working Group, based on their analysis of the disappointing financial return on geothermal systems, the budget was revised to reflect a decision to not rely on geothermal at the middle schools. Rather than budget $1.7 million for geothermal at Monticello and Roxboro MS, the budget includes $850,000 for sustainable technologies to be determined during the design phase. This reduced the Phase One budget by $850,000.