The board unanimously approved the first reading on the bond resolution. Bond attorney Theo Dubose told the board that if approved the bonds will be offered to local and regional banks with invitations to bid via sealed bid by email.
The bond resolution calls for no increase in taxes and funding is generated from the district’s capacity to access available 8 percent money, a fixed percentage available to districts based on the assessed value in the district.
The bonds would be paid back over a two-year period, according to Dubose.
District 56 Superintendent Dr. David O’Shields said that the first steps in the renovation to Wilder Stadium will be improved handicap accessibility, restrooms and concession/ticket booths.
O’Shields said that it is unlikely that all of it can be done with this round of funding but that other efforts will be launched to complete these priorities and other identified issues.
The renovations are expected to begin after the 2017 football season. According to O’Shields, the first phase of improvements will be completed before the 2018 season.
“We have interviewed architectural firms and once approved, we will enter into a contract with the selected firm and a construction firm,” said O’Shields.