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New gym debt likely $184,000 per year

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Auxiliary gym at CCHS would be paid for with $3.6 million federal loan.

By Christopher Brooke, Reporter

HILLSVILLE — Carroll officials have an answer to their question about the financial impact of building an auxiliary gym at the high school.
County supervisors earlier in March requested a financial analysis of the idea to build an auxiliary gym and related facilities, including a connection between the main building and the field house to keep students from going outside as they change classes.
School and county officials have several times discussed the idea of another gym to lessen scheduling problems involving physical education classes and extracurricular activities at the high school. The CCHS gym is maxed out and many groups have to turn to facilities at the closed Woodlawn school for sports.
In a message to county officials shared with The Gazette, County Administrator Gary Larrowe based his calculations on a $3.6 million loan from Rural Development, through its community facilities loan program.
With interest rates set at 4.125 percent and a loan term of 40 years, Larrowe figured that debt service would cost the county $51,120 per million borrowed for each year.
In all, that would make the auxiliary gym project cost $184,032 per year, he noted.
Larrowe put debts involving schools project, including the recent heating and air conditioning project at the high school, at more than $43.17 million.
“Currently, approximately 81 percent of the county debt is tied up in the schools,” Larrowe said. “The county general debt is $10,378,538 for the county governmental building.”
Adding in an auxiliary gym, school debt would increase to $46,771,704, or 82 percent of debt held by Carroll County.
Total debt would come in at approximately $57.15 million, which breaks down to $1,905 per Carroll citizen, he calculated.