The Elm City community is slated to see a new educational edifice rise within its bounds as state's Local Government Commission (LGC) has given the green light for funding the construction of Frederick Douglass Elementary School. Following the unanimous approval by the Wilson County Board of Commissioners and a Public Hearing, Local Government Commission's decision ensures that the necessary financial structures are in place to proceed with the project.
In a meeting that took place on Tuesday, December 2, the commission sanctioned installment financing and the issuance of Limited Obligation Bonds, as reported by Wilson County News, Ron Hunt, the County Manager, expressed satisfaction over this advancement, noting that the finance and management teams have "been working diligently on this finance package." According to the Wilson County, a total budget of $32 million has been allotted for the school, covering design, furnishings, demolition, and site work.
The LGC's approval, seen as a pivotal step in the project's financing process, allows the County to proceed with borrowing $35.5 million from Webster Bank. This loan, carrying a 4.3% interest over a 20-year period, includes $26.5 million earmarked for the completion of the school's construction. Rob Boyette, the Chairman of the Wilson County Board of Commissioners, underscored the significance of this development by stating, "It’s another great day in Wilson County." With expectations of closing the deal on December 12, as reported by the Wilson County.
Further emphasizing the importance of this initiative, Vice Chairman Leslie Atkinson highlighted the role of Frederick Douglass Elementary in the Elm City community and its historical value to students. "I’m very excited about this and commend the work my fellow Board of Commissioners and our county’s management," Atkinson told the Wilson County News. In addition to the elementary school, part of the capital will be allocated towards financing projects included in the County’s Capital Improvement Plan.
Capital projects like the one underway for Frederick Douglass Elementary School require LGC approval in North Carolina. Such approvals are mandatory for bonds, borrowing, contracts, and various financial arrangements, ensuring that the projects meet the necessary oversight and financial due diligence. The approval marks a significant step towards modernizing and expanding the educational infrastructure within the Wilson County.
