Bond Accountability Committee Update

Q1 January 28, 2026

January 28, 2026

• Call to Order, Welcome & Introductions. 5:30 - 5:40 pm
• Public Comment. 5:40 - 5:50 pm
• School Modernization Update/Bond Finance Update. 5:50 - 6:20 pm
• Jefferson High School
1. Financial
2. Schedule
3. Business Equity
4. Risks
• Cleveland High School
• Financial
• Schedule
• Business Equity
• Risks
• Ida B. Wells High School
• Financial
• Schedule
• Business Equity
• Risks
• Center for Educational Excellence (One North Purchase)
• Program management Update. 6:20 - 6:30 pm
• BAC Charter Presentation and Discussion. 6:30 - 7:15 pm
• BAC General Discussion and Updates. 7:15 - 7:30 pm
• Adjourn. 7:30 pm

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Agenda

Introductions

Greg DiLoreto, BAC Committee Chair

Cara Turano, BAC Committee Member

Norm Dowty, BAC Committee Member

Ryan Kinsella, BAC Committee Member

Jonathan Truitt, BAC Committee Member

Chris Dunning, BAC Committee Member

Travis George, BAC Committee Member

Director Christy Splitt, BOE Liaison to the BAC

Jon Franco, Senior Chief of Operations, PPS

Tom Odgers, Chief of Integrated Operations, PPS

Sarah Norman, Executive Director, OSM (PROCEDEO)

TJ Hopkins, Program Director, OSM (PROCEDEO)

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Presenters will introduce themselves at the time of their presentation.

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Public Comment (5:40 pm)��(public comments received via email prior to the meeting will be read aloud)

Bond Program Financial Update (5:50 pm)

February Bond Sale Update: with Michelle Morrison

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February 10th Bond Sale

• 2020 Tranche 3 - up to $90,000,000*
• 2025 Tranche 1 - up to $570,000,000*
• Debt Service not to exceed ballot authorization
• Next sale in 2028 based on current cash flow projections
• Ratings reports:
• Downgraded by Moody’s from Aa2 to Aa3
• Maintained AA- by Standard & Poor’s
• Resources may be used to cover authorized activities so far (2025)

NOTE: Bond proceeds may only be spent on capital projects, not district operations or school staffing.

* Sales amounts are the maximum, pending market conditions

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Major Factors for School District Ratings

• Operational Fund Balance
• Local Economy
• Student Enrollment

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Bond Programs

All Bond Programs Dashboard – As of 12/19/25

2012 Bond Dashboard – As of 12/19/25

2012 Program Financial Status 12/31/2025

2017 Bond Dashboard – As of 12/19/25

2017 Program Financial Status 12/31/2025

2020 Bond Dashboard – As of 12/19/25

2020 Program Financial Status 12/31/2025

2025 Bond Dashboard – As of 12/19/25

2025 Program Financial Status 12/31/2025

Modernizations

• Design/construction schedule: Design Development documents were completed by the A&E team this month. The CM/GC is preparing to begin improvements at the Marshall Campus (including new track and field surfacing). Construction activities at CHS will start in late June 2026. Groundbreaking date coming soon!
• Budget: Design Development estimate is just 1.6% over the construction budget. Value Engineering process underway to reduce costs below budget and allow room to accept important add alternates.
• Scope: PPS stakeholder review of the building design continues. Multiple CM/GC trade partners are on board to provide design assistance and further development of systems and materials.

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Cleveland High School Update

• Design/construction schedule: The CM/GC is coordinating early trade procurement and early field work while the design team completes Design Development for the overall building and site, helping maintain momentum and manage schedule risk. Groundbreaking 05/29/26!
• Scope: Critical scope decisions are moving forward with District input, including building systems, site building layout, and specialized instructional equipment needs.
• Budget: Project budgets, forecasts, and cash flow have been updated, and previously approved value-engineering items are being incorporated into the upcoming 100% Design Development documents.

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Jefferson High School Update

Risk: Mass timber

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Mitigations:

Supply has been diversified since the projects are on same timelines so as not to compete for production.

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PPS has approved certain related scopes to be completed through self-perform within the parameters of the contract

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The MPG process commits to a 16 week review/approval process by the City

Jefferson High School Update

• Design/construction schedule: Design Development documents due to PPS on 2/23 Construction document phase begins in March. Construction will begin December 2026.
• Budget: Upon 100% DD estimates, another value engineering process may be needed to reduce costs to accept important add alternates. A cost check completed at 50% DD was on track with current budget estimates.
• Scope: Critical scope decisions are moving forward with District input, including building systems, site building layout, and specialized instructional equipment needs.

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Ida B. Wells High School Update

Ida B. Wells High School Update

Risk: Building Permit approval timeline is critical path

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Mitigations:

Two initial permits are planned - early permit for site prep, underground utilities at 50% CDs, and foundations with second permit for full building at 100% CDS

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PPS and Design Team is meeting every two weeks with the City of Portland via the "Major Project Groups" or MPG process to talk through code related topics prior to the first permit application

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The MPG process commits to a 16 week review/approval process by the City

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MAIN ENTRY

COMMONS

ACADEMICS

ATHLETICS

PERFORMING ARTS

BUILDING MASSING

STUDENT COURTYARD

Interior views offer glimpses of activity in the commons

Secured courtyard for outdoor eating and gathering

Shared patio connects to campus and views

Certified Business

Certified Business Update

• Jefferson

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* Colas/Hoffman Joint Venture

- Colas is a formerly certified firm

- 25% CMGC goal for certified participation

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* Currently at 12.12% paid to Certified subcontractors

- 12.77% for consultants

- 5.45% for subcontractors

- 23 of 44 are certified subcontractors/52%

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* 17 of the 16 required Career Learning activities have taken place

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• Cleveland

* Mahlum partnered with Studio Petretti a certified firm

• 33.11% paid to certified firms
• 16 of 32 are certified subcontractors/50%

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* 0 of the 8 required Career Learning activities have taken place (meeting has been scheduled to get started on this)

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• Ida B. Wells

*BORA

• 16.11% paid to certified firms
• 16 of 31 are certified subcontractors/51%

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* 37 of the required 8 Career Learning activities have taken place

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Certified Business Update (continued)

Center for Educational Excellence

Center for Educational Excellence (CEE) Update

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• The property at 1 North was recently acquired (December 2025)

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• PROCEDEO is actively working with PPS procurement in solicitation of 3rd party services, resulting in multiple awards for services such as Geotech, A/E, Civil, Structural Engineering. These services will support the bond program projects as a first step in support of subsequent work (pre-planning, development of drawings and construction) of the 2025 bond program projects.

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2025 Program Next Steps

Next Steps 2025 Program

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• PROCEDEO and PPS Staff alignment to ensure the continued forward progress of the modernizations (Cleveland, Ida B. Wells, Jefferson)

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• The continued reconciliation process of prior bond funds and verification that program requirements have been fulfilled

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• Development of the 2025 programs (prioritization, scope, budgets and schedules)

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Program Management Update (6:20 pm)

BAC Draft Charter Review with Liz Large (6:30 pm)

Draft Charter

BAC General Discussion and Updates (7:15 pm)

Adjourn��Next Meeting:�TBD (April 2026)�(In-Person or Virtual – TBD)