I posted this on Thursday comparing the cost of Carter Elementary School to the cost of Northshore Elementary School. In a couple of followup interviews on Friday, I became aware that I had inadvertently left off the land cost for Northshore.
So, let’s add the $1,668,000.00 million to Northshore’s construction budget of $18,300,000.00 that gives us a total of $19,968,000.00 Remember Northshore is 128,492 square feet and is expected to open August 2013 with 1,000 students.
The cost per square foot at Northshore is now, $155.40 (give or take a cent or three)
The cost per student at Northshore is now, $19,968.00 (give or take a cent or three)
Reminder:
The cost of Carter per square foot is $194.93 (give or take a cent or three)
The cost of Carter per student is $33,739.47 (give or take a cent or three)
The Payment Methods
The Carter School was paid with cash. The county sold enough stuff to get the cash to pay for the Carter project. The argument could be made that Knox County is saving alot of money in interest rates through not financing the project cost.
The Northshore School is being financed though QSCB (Quality School Construction Bond) money. Apparently it is federal dollars passed through the state to the locals. It is Zero percent, yes 0% interest if paid back in 17 years. Northshore Elementary, renovation work at Gresham Middle, renovation work at Belle Morris Elementary, renovation at the STEM High School and the NEW Carter Middle School Gymnasium were all financed with the QSCB bond money. So all of those projects will be paid back as if they were paid in cash.
