This Meeting is being held remotely due to the COVID public health emergency.  

1.  Review of Longhouse analysis of underwriter responses to the RFP issued in October 2022.  Discussion of Longhouse recommendation of a specific underwriter.  Potential Vote on recommendation.

2.  Review of presentation of range of interest rate possibilities, based on November 2022 money market conditions. 

Committees may wish to vote to recommend an underwriter to the Board.

Discussion of Pros and Cons to Admin Building project.

Discussion of Procs and Cons to Mobile Building feasibility - purchase and lease.  

Documents:

1.  Summary of Financial Implications of Admin/Bond, Mobile/Bond, and Mobile/IFF scenarios.

2.  Pro/Con of each expansion option.

Documents:

1.  Admin Building Capital Budget (based on Preconstruction Services performed by Bulley & Andrews)

2.  B&A Budget for Admin Building, incorporating value engineering suggestions.  

3.  DA research on mobile building costs

4.  Mobile Capital Budget (assumes bonds)

(Note - there an idea to accept IFF financing for mobile building, remain with IFF in a modified loan fashion.  IFF would be willing to extend the interest-only nature of the existing loan until June 2024 at the same interest rate (5.25%), and to also lend up to $500,000 for purchase/site prep of a two-classroom mobile building, interest-only for the same period.  The interest rate on the $500,000 loan portion would be 6.50%.)

5.  Summary of EMSA RFP for General Construction for Admin Building - two proposals received (all General Contractors in Chicagoland invited to submit proposals).

Current Project Schedule for Admin Building:

Pre Construction Services, CD Development                                                                       October 17 - November 18, 2022

RFP to three GCs                                                                                                                 November 8 -18, 2022

Vote on financing & Expansion Project (Board vote)                                                            Nov. 29 2022

If Board votes "Go" on Expansion Project, vote on GC for project                                        Nov 29 2022

If Board votes "Go" on Expansion Project, vote on financing underwriters, attys                Nov 29 2022

Value Engineering Process finalized                                                                                     Dec. 2 - Dec. 16th 2022

Board Decision to "Go or No Go" & if Go, Capital Budget and Project Schedule approved   Dec. 19 or 20, 2022

If "Go", EMSA proceeds to sign contracts, start demolition/construction                             Late December/Early January

Financing Closing                                                                                                                 February/early March 2023

Construction Completion                                                                                                     Approx. August 1, 2023