AASD office rehab to cost $950K

District will lease a portion of building back to bank

Altoona Area School District leaders said Monday a quote to renovate a former bank building to house new administration offices is $950,000.

That is in addition to the purchase price for the Investment Savings Bank building at 1201 Eighth Ave., which was $710,000.

“The biggest issues with renovation is heating and cooling and the roof,” Superintendent Charles Prijatelj said. “Then there is the creation of a tax office/registration area and renovations to the parking lot.”

The district will lease a portion of its planned administration building back to Investment Savings Bank until the bank has its new site constructed.

Under that agreement the bank will pay the district $4,000 a month.

That was part of the original sale agreement with the school district in February.

The demolition of the current administration offices is not planned until the new high school is built and opened next school year.

On Monday, school district solicitor Carl Beard said the bank plans to move out well before that time in May.

A public meeting on the administrative offices is scheduled for 7 p.m. Aug. 29 in the William P. Kimmel Board Room.

The entire administration building project is to be presented by the district’s hired architect Dave Albright at a nonvoting, committee of the whole meeting.

That meeting will be held directly following a board finance committee meeting at 6 p.m.

The topic of the finance meeting will be the administration’s recommendation to maximize the interest earnings on the board’s high school construction bonds by approving the spending $5 million from the general fund to pay contractors while interest earnings accumulate on the bonds.

The reason the administration is making that recommendation is because the construction schedule is ahead of the maturation schedule of the shorter-term bonds.