The Musselshell Rural Investment Cooperative held its annual membership meeting on November 1. An update by development partner Randy Hafer on the Central School project was on the agenda. He had some very good news for the Roundup community.
The project is now 100% capitalized with all Central School Development Venture partners on board. Hafer is working with a lender interested in rural community development, especially of historic buildings. Details of the construction loan and long-term loan package are nearing completion. The lender is also interested in purchasing the available historic tax credits, both state and federal, for the project. That all means that the project should have all the funds necessary to begin construction in January 2022.
A request for subcontractor bidders that was sent out during the summer was not successful, with bids coming in over budget. Hafer is working with the general contractor to revise the bidding documents and send them out again before the end of 2021. There will likely be more subcontractors anxious to keep their employees busy during the winter months than there were during a very busy summer construction season. Local subcontractors will be selected whenever possible. Because the Central School building has walls, windows, and a roof, winter weather is not a deterrent to carpentry, plumbing, and electrical work. Documents to be submitted for state building permits may be modified slightly after bids come in, but are otherwise ready to be sent to Helena for approval.
The folks who have been working hard for three years to bring desperately-needed beautiful new residential apartments to Roundup are excited to see construction begin soon. When the building has been completely remodeled, there will be a party for sure! If all goes as planned this winter, that party will be announced next summer. Stay tuned.
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