Minooka Community Consolidated School District 201 is stocking-up on buses to transport students to and from schools.
At Monday’s school board meeting, officials approved a revised bus lease bid. The decision comes after a financing deal fell through between a bank and the district that would have helped pay for buses increased.
On March 16, the district was notified that Kansas State Bank could not honor the 3.26% bid it submitted due to the “unprecedented rapid increase of the market rate,” according to school board documents. When officials asked for a solution that honors the bid as submitted, they turned to Midwest Bus Sales and Kansas State Bank for potential resolution.
Midwest Bus Sales had offered to increase the buyback amount, while Kansas State Bank applied a 2.98% rate exception as part of its new financing quote, which school board documents note will ultimately equate to $151,078.30, or $4,928.30 more than the original bid.
The district then turned to American Capital for a financing quote. The offer comes at a rate of 2.92% and an annual payment of $149,688.14 per year, which makes for an increase of $3,538.14 per year, according to school board documents.
Business Manager Mary Robinson recommended that the school board enter into a five-year lease agreement with American Capital at an annual cost of $149,688.14.
The contract, as authorized, will provide the district with 10 buses to help transport students to and from schools.
Also at the meeting, officials announced that the district was awarded a Minooka Community Partnership Grant valued at $635,000 over two years.
The award aims to help promote inclusion of all students and provide equitable access to after-school programming through outreach to marginalized communities and through providing transportation to the program.
The scope and schedule of the program is being ironed out by the district, but under the Minooka Community Partnership Grant, the district is required to integrate several elements, including an intergrated student wellness program, expanded learning time and opportunities, active parent/guardian and community engagement, and collaborative leadership and practices.
The district still needs to submit a final grant application to the Illinois State Board of Education by May 15 in order to accept the funds.
Also over the next few weeks, officials will be developing community partnerships that could help with implementation of the program.