Lanis Cope, founder and president of architectural firm Cope Associates Inc., addresses Bradley County leaders regarding lease-purchase terms for funding a $14 million renovation of Lake Forest Middle School. Seated, from left, are Casey Smith of Cope Associates, Bradley County Trustee Mike Smith and Bradley County Commissioner Mel Griffith.CLEVELAND, Tenn. – Bradley County leaders are exploring the possibility of using a lease-purchase option as a solution to launching a $14 million overhaul of Lake Forest Middle School, a project that’s been cited as a top priority by the county school system for several years.
On Wednesday, the Bradley County Finance Committee heard from architectural firm Cope Associates Inc., representatives of which gave an overview of how such an agreement could benefit the county.
“Where this program works is where the county … has foreseeable debt-offloading in the future,” said Lanis Cope, president and founder of Cope Associates.
The lease-purchase option, offered through Capital Municipal Markets of Denver, buys a municipality time but is not ideal for long-term debt, Cope said. He said a bond would prove less costly after 13 years of annual lease payments.
A lease-purchase also offers flexibility, he said, as the program can be used to finance design, construction and furnishings.