Eligibility for school building aid for substantial renovations as authorized by RSA 198:15-b, II(c) shall be determined as follows:

1. (a) The substantial renovation project shall bring the space up to new condition or prepare the space for a new or different use;
2. (b) The substantial renovation project cost shall exceed 25 percent of the construction cost of a new building or $5 million, whichever is lower;
3. (c) For the purposes of determining (b) above, 25 percent of the construction costs of a new building shall be calculated as the maximum building size in square feet per Ed 321.09, multiplied by the maximum allowable construction cost in dollars per square foot per Ed 321.22, and multiplied by 25 percent; and
4. (d) Renovation work done as a result of adding an addition to an existing building or as a result of installing an air quality and energy efficiency projects shall not be subject to (a), (b), and (c) above.

Source. #8265, eff 1-22-05; ss by #10363, eff 6-15-13; ss by #13054, eff 6-12-20; ss by #14023, eff 7-12-24 (formerly Ed 321.25); ss by #14215, eff 3-14-25