A burning question

If the majority wisdom of our Board of Commissioners was that by separating the $45M to bebuild Eastern High School from the proposed $457M school construction bond bolster an unfettered sympathy vote to ensure Eastern’s rise from the ashes; to me, quite the opposite is true.  The move only highlighted a burning question in my mind:  Didn’t we have fire insurance?

Now I’m a pretty informed citizen, but I guess I somehow missed the explanation as to why the taxpayers are being asked to foot the whole $45M to bebuild the school.  I’m sure there is an explanation.  I’m just as sure the explanation is as plausible as it is convoluted.  But I’m also sure I don’t know what it is and I doubt I’m alone.

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6 Comments

  1. jwg
    Posted January 18, 2008 at 9:13 am | Permalink

    I’m not an insurance guy but isn’t there a difference in insurance covering the ‘value’ vs. the ‘replacement cost’ of a building? I seem to recall someone (Sharon Ozmet?) saying that premiums covering replacement cost would be significantly higher.

    I thought the schools got $16M from an insurance settlement.

  2. jwg
    Posted January 18, 2008 at 9:21 am | Permalink
  3. debora mauser
    Posted January 18, 2008 at 3:29 pm | Permalink

    The total cost is going to be about $60M, with $16 reimbursment from insurance. They are building the school larger and of course up to date. I think that by separating the two the larger bond will have alot of trouble passing even though the needs are great.

  4. Jerry Messner
    Posted January 18, 2008 at 10:04 pm | Permalink

    The state of NC doesn’t have true replacement cost insurance on any of their buildings.

  5. Old Casey
    Posted January 18, 2008 at 11:25 pm | Permalink

    Jerry Messner,

    That is true, but they could have purchased additional insurance to value, but they gambled that they wouldn;t have a total loss

  6. Old Casey
    Posted January 19, 2008 at 9:11 am | Permalink

    Terry Grier Outta Here at 4:00 p.m. Saturday.