The Downers Grove Grade School District 58 Board of Education voted during their Feb. 12 business meeting to award construction bids and approve a bond sale to fund the Lester addition project. Their approval on these two important measures paves the way for Lester construction to begin this spring, with completion in time for the 2018-19 school year.
“We are thrilled that the Lester project will become a reality this spring,” said Superintendent Dr. Kari Cremascoli. “This project will add the space necessary to meet the needs of all Lester students. I am proud of the District staff who worked hard to address Lester’s space limitations while remaining fiscally responsible.”
The $2.24 million Lester project will add three classrooms, ADA-compliant bathrooms and a flexible resource space to the school’s east side.
“This project has been a long time coming,” said Board Member John Miller. “It’s something we talked about when I first joined the Board, and it’s been thoroughly examined ever since. I’m happy to see this improvement move forward.”
Lester School has been at capacity for several years. An increased need for special education and intervention services and the addition of a kindergarten enrichment program required space that Lester lacked, which propelled the project forward. In February 2017, District leaders presented several possible solutions to the Board, informed by the 2012 comprehensive districtwide facilities review, the 2016 demographer study and other research. After careful consideration, the District and Board recommended a building addition.
The District worked closely with its architect, Wight & Company, to diligently explore options that would address Lester’s space issues in the most cost-effective manner possible. They ultimately recommended the three-classroom addition.
With Monday’s Board approval, the District will issue $2.8 million in general obligation limited tax (GOLT) capital appreciation bonds to fund both the Lester project and other immediate District facility needs. The District’s financial advisor, Tammie Beckwith Schallmo of PMA Securities, explained the bond sale process and commended the District’s fiscal responsibility during Monday’s Board meeting. Moody’s Investors Service last week assigned an Aa1 credit rating to District 58’s GOLT debt.
“This is really great news,” Beckwith Schallmo said. “District 58’s credit rating is one step below perfect, which demonstrates the District’s commitment to financial strength. Congratulations on keeping your borrowing costs down.”
Beckwith Schallmo shared that the District should receive the $2.8 million bond sale proceeds in mid-March. In addition to the $2.24 million Lester addition, the bond sale proceeds will fund electrical/mechanical work at Fairmount School, playground curbing and asphalt at Lester School, and fire alarm updates at Kingsley School.
For more information regarding the Lester addition project, please contact Megan Hewitt, community relations coordinator, at mhewitt@dg58.org or 630-719-5805.