Virginia Approves $25 Million Loan for Mountain Run Elementary

Culpeper County has secured a significant financial boost for the construction of its seventh elementary school, Mountain Run Elementary. The Virginia Board of Education has approved a loan of $25 million from the state’s Literary Fund, which will cover a substantial portion of the project’s costs. The announcement was made by Culpeper County Administrator Sam McLearen during a meeting of the board of supervisors on October 10, 2023.
The board unanimously passed a resolution acknowledging the loan, which features a fixed interest rate of 3%. McLearen highlighted the financial advantage of this rate, stating, “It will save the county a couple million dollars in interest,” particularly when compared to current bond market rates.
The funds will play a crucial role in the ongoing development of Mountain Run Elementary, located at Green’s Corner, which is expected to open for the 2027 academic year. The loan is particularly beneficial given the rising costs of construction materials and labor in the education sector.
During the meeting, Stevensburg Supervisor Susan Gugino motioned to approve the resolution, which passed unanimously, although Catalpa Supervisor Paul Bates was absent. The financial support from the Literary Fund is sourced from various channels, including criminal fines, fees, unclaimed property, and repayments of previous loans, as outlined by the Department of Education.
In related news, Culpeper County Public Schools announced a pre-bid conference for contractors interested in bidding for the school construction project. This conference is scheduled for 10 a.m. on October 14, 2023, at Eastern View High School. Bids must be submitted to the school board office by 2 p.m. on November 4, 2024.
The successful approval of this loan marks a significant step for Culpeper County in enhancing its educational infrastructure, aiming to better serve the growing community. The establishment of Mountain Run Elementary is a testament to the county’s commitment to providing quality educational facilities for its students.