BAR HARBOR — It’s not going to cost a lot for Mount Desert Island High School to borrow up to $1 million for the parking lot paving and gym entrance renovation project that is planned for this summer.
The school’s trustees last week accepted First National Bank’s offer of a 10-year fixed rate of 2.15 percent.
“It’s great news,” Superintendent Marc Gousse said of the rate, which was lower than those quoted by Camden National Bank and Machias Savings Bank. Bar Harbor Bank & Trust did not submit a rate quote.
The scope of the project includes paving both of the high school’s large parking lots and an area at the back of the building, as well as rebuilding the area around the gym entrance.
Hedefine Engineering is sending out bid requests to prospective contractors on behalf of the school. The bids are to be opened May 22, and the trustees plan to meet May 25 to decide which if any of the bids to accept.
The total cost of the project has been estimated at around $750,000. But on the recommendation of Gousse and Principal Matt Haney, the trustees last month authorized borrowing up to $1 million. That, they said, would give them the flexibility to use some of the money for the walls and windows replacement project, which will be going on at the same time.
Nancy Thurlow, the school system’s business manager, has said the trustees have enough money in their budget for the walls and windows project but not much to spare.
The trustees decided it would be wise to borrow an additional amount to cover any unanticipated equipment or facility needs in the coming year.