OFCC will co-fund the project at a 30% rate whether we renovate or rebuild; however, if we renovate, they will only co-fund up to the cost of replacement.
If renovation costs exceed replacement costs OFCC will not co-fund the overage.
If we chose to engage in a project on our own, we will be governed by the debt limitation.
Our debt limitation (between $60M–$65M) would not allow us to build more than the high school until a funding source to repay the debt is secured.
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