BEST Helps Colorado Communities with School Building Funds

By Mike Yost, PE, LEED AP

 

Building Excellent Schools Today (BEST) was created in 2008 to direct income from Colorado's School Trust Lands to school renovation. Ultimately, more than $500 million in state funds is expected to be matched with local funds for K-12 capital construction.

BEST funds can be used to construct new schools, as well as for general construction and renovation of existing school facility systems. BEST funds can be especially helpful in smaller, rural communities that may not have the bonding capacity to pay for major repairs or new schools.

BEST funds require a local match, which is determined by a formula using several criteria, including the percentage of students eligible for free and reduced lunch, the median household income of a school district, and the number of previous bond issue efforts in the last ten years. Match levels for a school district range from 12 to 89 percent.

In addition, the Treasurer's Office has been assisting with financing by using Build America Bonds and Qualified School Construction Bonds, which can greatly reduce financing costs for communities.

A statewide facility assessment was completed last month. The study assessed approximately 8,419 public school facilities in Colorado and considered the condition of each facility; air and water quality; space requirements; site requirements; and the ability to accommodate educational technology.

The assessment identified more than $18 billion in school capital needs around the state, including $297 million in grading and landscape, $25 million in storm sewer, and $138 million in sanitary waste. The purpose of the assessment is to help the Capital Construction Assistance Board (CCAB) prioritize grant applications for BEST awards. The assessment lists all of the facilities and their condition needs and measures them with a variety of metrics for the purposes of comparing facilities.

To see the results of the statewide assessment and to find community match requirements, go to http://www.cde.state.co.us/cdefinance/CapConstBEST.htm.

You can contact Mike Yost at myost@oaconsulting.com.

 

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