Contractors report steady progress on Palatka and Crescent City schools; finance team closes second $100 million bond sale

Contractors and the district’s financial team reported progress and finances for the two bond‑funded school projects, saying construction is moving forward and that the district has completed a second bond sale to fund round‑two activity.

CRE Architects and Ozzie Construction reported interior and exterior work underway at Palatka Intermediate School: sidewalks, canopies for the bus loop and parent drop‑off, ceiling grids and HVAC start‑ups are installed and interior finishes are rolling out. "All of our exterior brick is done. The sidewalks throughout the campus are all complete," said Todd Duffy, superintendent for Ozzie Construction, summarizing site work and interior milestones.

Ajax Construction Management gave a status update for Crescent City’s preK‑6 school and reported contingency and schedule figures. "We have currently $950,000 left in contingency," said James Marini of Ajax, and he added that the project remains on track for the substantial completion date currently set for February 2026. Ajax and subcontractors described contingency draws and a recent change order for canopy work that was handled out of contingency after bidders missed an updated scope item.

Contractors and district staff also discussed owner direct purchase — the district’s process of buying certain materials tax‑exempt and accounting for the 6% sales‑tax savings. Cre/contractor staff said the district tracks those purchases separately from the guaranteed maximum price (GMP) for clarity. "We can do a quick spreadsheet putting that back in," one contractor said, offering to produce a one‑page summary that shows the project’s net cost after owner direct purchases and sales‑tax savings.

On financing, Laura Howe of PFM Financial Advisors said the district sold $100 million of bond authorization and received a competitive bid from Bank of America Securities at a 4.768% interest rate and a premium of $4,112,537. District advisers said total issuance costs were lower than the first round; counsel and disclosure fees were reported as reduced compared with the initial issuance.

No additional contract amendments or GMP increases were approved at the meeting. Contractors asked that the district produce a simplified summary sheet for public reporting that reconciles owner direct purchases and shows the net, per‑school cost at completion.

The committee noted that round‑two items on its agenda include the pending purchase of a 10‑acre site for a future school (rezoning and wetlands mitigation remain in process), the issuance of round‑two bonds, and early procurement for architects and construction managers for the next phase.