New Hums Elementary School one step closer to becoming reality

-
2:49
Dowagiac Football squad looks to tip 1-1 record heading into...
-
5:29
Sudden blindness, dealing with this rare hereditary disease
-
2:14
Elkhart update breakfast brings community together for answers...
-
3:02
New football coach at Benton Harbor looks to turn program around,...
-
1:58
Warming up and drying out, Isolated showers tomorrow
-
2:57
Supreme Court Justice Amy Coney Barrett set to speak at Notre...
-
1:20
Community gathers for 9/11 stair climb
-
1:07
9/11 March to the Memorial in South Bend brings people together
-
1:28
Warm and dry, drought will worsen
-
4:39
Political scientist discusses political impact of Charlie Kirk...
-
1:03
Ringing of the bell at local 9/11 remembrance service honors...
-
3:25
Construction at local school uncovers 9/11 memorial messages
MISHAWAKA -- Mishawaka is one step closer to building a new Hums Elementary School.
The plan is to construct a new building on the same property as the current school. Once the new facility is built, they plan to tear down the old structure. To do that, they need bonds issued.
Wednesday night, the School City of Mishawaka Board of School Trustees approved a plan to borrow no more than $45 million for the project.
"It's possible and likely it'll be somewhat less than that," said Randy Rompola with Barnes & Thornburg LLP. "To go through this approval process we want to have a high enough number, so we don't have to come back and repeat it."
Rompola is the board's legal counsel. He said the bond is tax-exempt, has a 5 percent interest rate, and can be paid back over a 20-year period.
The board also voted Wednesday to move forward with an amendment to the 2018 agreement, which Rompola said would allow them to continue leasing the existing Hums Elementary School until the new one is completed and then transfer the lease to that building while also extending the timeframe of the contract. He said by doing this, the district can avoid some upfront expenses.
"Typically, there's an appraisal process that you have to go through if you're leasing a building that hasn't been leased before," said Rompola. "Because this is already subject to a lease, we can avoid that. There are some title insurance expenses we won't incur, as well. So, it's actually a good thing to simply continue this lease."
A public hearing on the amendment is set for March 5 at Liberty Elementary School. Rompola said after that hearing, the board can approve the lease, which would put them on track to start construction in the fall.