Waddell School Timeline

2004 to Present

City School Board begins

planning for improved

school facilities

2004

City Council Holds Public Hearing

and Unanimously Approves Renovate•Lylburn Downing Middle School •Community Center/School Board Office

Replace •Waddell School on existing site

September 2007

City of Lexington

makes first full paymenton LDMS Bonds

FY 2011

City Manager presentsConceptual Financing Plan

for new Waddell SchoolAssumptions:

•Estimated at $15,000,000•School to open in Fall 2018

January 2011

City Council appropriates

$500,000 for Waddell

FY2012

City Council adds

1 ¢ to Real Estate Taxes

for Waddell School

FY2013

City Manager prepares

6-year Projectionof Future Obligations

to gauge impact on tax rates

October 2012

City Council requests

feasibility of moving Waddell

project up 2 or 3 years

January 2013

Davenport Associates reportsAnalysis of various timing and financing scenarios and their

impact on City finances

March 2013

March 2013 Davenport Analysis

Opening Date Rate Previously Raised

Additional Rate Needed

2015 2 cents 15 cents

2016 3 cents 15 cents

2018 5 cents 16 cents

Caution: This does not mean these increases will be adopted.

June 2013 Financial Update

Opening Date Rate Previously Raised

Additional Rate Needed

2016 3 cents 10 cents

2018 5 cents 11 cents

Staff updates Davenport’s results with new cost estimates suggested by Architect