Module 5 – Funding the Project
Based upon the completed Feasibility Study and the steps outlined in Module 4 – Schematic Design, the District and MSBA staff establish and document the project scope, budget, schedule, and MSBA financial participation to forward to the MSBA Board of Directors for their approval. Approval by the MSBA Board of Directors establishes the MSBA participation in the proposed project. Module 5 – Funding the Project provides guidance on MSBA vote language and outlines the steps necessary to be completed by the District to enter into a Project Scope and Budget Agreement and a Project Funding Agreement with the MSBA. The District should utilize the Module 5 – Funding the Project Completion Checklist to ensure that it has completed all steps.
Upon Board approval of a proposed project, the District and the MSBA may enter into a Project Scope and Budget Agreement that defines the project scope, budget, schedule, and potential MSBA participation in the project. Once the District secures community authorization and financial support, the MSBA and the District enter into a Project Funding Agreement, which also defines the scope, budget and schedule for the project. Once a Project Funding Agreement is executed, the District can begin submitting requests for reimbursement to the MSBA for project costs beyond the feasibility study.
As of the March 26, 2014 Board Meeting:
Accelerated Repair Program:
Currently there are a total of 45 Districts, representing 83 projects, in the Accelerated Repair Program. All 24 districts, representing 36 projects, approved in 2012 are under contract with consultants and have been authorized to enter into a PFA, totaling $63,009,653 in Total Project Costs and a maximum of $38,267,952 in MSBA Total Facilities Grant funding. Of the 36 projects, 27 are scheduled to complete construction in 2013, and nine are scheduled to complete construction in 2014.
At the November and January Board Meetings, 38 projects representing 21 districts were approved for Project Funding Agreements. An additional eight projects representing six districts are seeking approval for Project Funding Agreements at the March Board Meeting. With the Board’s authorization at the March Board Meeting, the 2013 Accelerated Repair Program will have $99,801,495 in Total Project Costs and a maximum of $57,759,742 in MSBA Total Facilities Grant funding.