- Last Updated on Wednesday, 06 August 2014 11:15
- Published on Wednesday, 06 August 2014 11:15
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After months of negotiation, the Colonial Beach Town Council and School Board have finally reached an agreement in the form of a Memorandum of Understanding (MOU) to protect both parties’ interests. Town staff can now proceed with securing a bond for at least $1,263,565.00.
The $1.2 million was promised to the school to fund the elementary school move, mod pod setup costs, and repairs to the First Street High School campus, including security upgrades and athletic field lighting.
The town plans to add additional money to the bond for town capital improvements, but has not released the total of these additional funds.
To protect the town’s investment and ensure repayment to the general fund, the school will remit any insurance money received from the result of the Jan. 5 fire that destroyed the two-story structure on the elementary campus and will sign over all property from the old elementary school campus within 45 days of final insurance claim receipt.
To protect the school, the town will market the old school properties and set aside any money received over the $1.2 million, from the insurance claim and property sale to fund the building of a new school.
The town currently has a lease agreement to use the old Primary building, located at 315 Douglas Ave., as Town Hall. If all properties sell, and the town chooses to remain at the Primary building, the town will have the property appraised and apply this amount towards either bond repayment or a fund for building a new school.
The council voted at the July 24 meeting to approve the MOU, giving Mayor Ham the power to sign the agreement on behalf of the town council. The school board has already voted to approve, and School Board Chairman Tim Trivett signed on behalf of the school board.