Elgin Math & Science Academy
Master Planning Meeting
Date and Time
Agenda
| I. | EMSA Mission | |
| A. | For reference | |
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Mission: At EMSA, students and teachers will reach their highest potential through active exploratory learning and social responsibility.
Vision: We welcome individuals of all backgrounds and abilities We nurture children’s natural curiosity Our students are leaders in their own learning Our teachers & students hold high standards for their own work Our students are critical thinkers who excel in math and science Our students develop the skills to be responsible individuals Master Plan: EMSA’s master plan clarifies our mission and vision, honors campus history, is mindful of our impact on the environment, supports EL Education’s innovative learning model, and builds a sustainable campus. Campus Roots: We are committed to rebuilding a thriving educational community, honoring the legacy of our campus, restoring its architecture, and preserving the natural environment. |
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| II. | Opening Items | |
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Opening Items
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| A. | Record Attendance and Guests | |
| B. | Call the Meeting to Order | |
| C. | Approve March 9, 2022 Meeting Minutes | |
| III. | Construction & Expansion | |
| A. | Potential Summer/Fall 2022 Capital Investment Options/Ideas | |
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Attached is a list of potential facility improvement ideas, with researched costs and descriptions.
These ideas have been suggested by EMSA staff and Board, in almost all cases. Some relate to the Middle School serving as a grade 5-7 building. Some represent life/safety improvements, or would facilitate instruction, or provide improved student recreation.
They are described as potential capital improvements to signify that as such, they would not be "expensed" in the annual budget but would instead be capitalized, so adding to EMSA's long-term assets. They would be paid for with cash from EMSA's cash reserves - after June 30, 2022. Potentially they could be reimbursed to EMSA through a long-term bond financing.
The Vote would be to recommend to the Board of Directors, that these improvements be funded. The Finance & Operations Committee would also review these ideas, and formulate a recommendation itself. |
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| IV. | Campus Strategic Planning | |
| A. | Facilities SY2022-23 | |
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Can the Committee make a recommendation of an additional Building for SY2022-23?
Attachments:
Facility Development Options Summary Chart presenting the estimated capital cost, and annual debt service cost, for four different Facility Development Options.
Please note, these figures have changed since late 2021 to reflect the following:
1. Strategy to borrow 18 months' interest during/after construction. This would be done to help ESMA's FY23, FY24, and FY25 Budget to be in surplus, and build up ISBE-required cash reserves. These benefits come at the cost of increased debt.
2. Adjustment of interest-rate assumption to be 5.50% - reflecting turmoil in capital markets, and expected increases to short-term interest rates by the Federal Reserve throughout 2022. This may prove an over-conservative assumption.
3. Increased construction cost assumptions. Construction inflation has been running at an annual 13% rate due to rising energy prices, labor & material costs.
Those four options are:
1. Renovating the full Administration Building for SY2023-24. 2. Renovating the Main and Upper floors of the Administration Building for SY2023-24. 3. Renovating the entire first floor of the Dining Hall for SY2023-24. 4. Renovating a portion of the first floor of the Dining Hall for two classrooms and Code-required bathrooms, but no offices, for SY2023-24.
Attachments:
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| V. | Environmental Subcommittee Report | |
| A. | Update | |
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| VI. | Committee Goals & Vision | |
| VII. | Closing Items | |
| A. | Adjourn Meeting | |