1. (a) Prior to submittal of a building aid application, a feasibility study shall be created to evaluate, at minimum, the following:

   1. (1) Renovation only;
   2. (2) Renovation with new construction;
   3. (3) New construction only; and
   4. (4) Not constructing at all.

2. (b) The feasibility study shall include but not be limited to:

   1. (1) A life-cycle cost estimate for each option that considers the following costs:

      1. a. Capital;
      2. b. Maintenance;
      3. c. Transportation;
      4. d. Energy;
      5. e. Staff salary and benefits; and
      6. f. Any other costs associated with the operation and maintenance of the building; and
   2. (2) The pros and cons for each option based on the educational specifications created in accordance with Ed 321.11 and the needs assessment completed in accordance with Ed 321.12.
3. (c) The feasibility study shall be completed by a licensed architect, or other qualified professional.

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; ss by #14215, eff 3-14-25