NYOS is excited to share new campus news! We have final architectural and building plans for two new instructional buildings that will house grades PreK-8 as well as music and library instruction for all. We are still working with the neighbor property and the City of Austin on final site plan approval. With staff working from home for COVID-19, progress is moving slowly, which is why we haven't broken ground yet. We will be sure to share updates as we narrow down dates.
NYOS is grateful for the partnership of the Equitable Facilities Fund (EFF). We closed a loan with EFF in mid-May for just over $25 million. EFF offered a low interest rate for a 30-year term. Because of the favorable financing terms, NYOS expects to save $9 million over the course of the loan! Those savings will be invested back into the school to improve our educational program.
In more good news, construction bids for the NYOS project came in lower than expected. With the savings from the bids, NYOS can now build a gym too! What's more, we may even have funds available for renovations to existing space at our Lamar Campus and an upgraded field for P.E., practices, and games. NYOS selected Kencon Constructors as the contractor to build the campus. The new campus section of our website provides the latest information and updated renderings.