Revised Cost per Square Foot Parameter 2024/2025

Michigan Department of Treasury sent this bulletin at 07/03/2024 02:13 PM EDT

You are subscribed to School Bond Qualification and Loan Information for Michigan Department of Treasury. This information has recently been updated, and is now available.

The School Bond Qualification and Loan Program’s new cost per square foot parameters, effective for preliminary qualification applications submitted after June 30, 2024 for new construction are as follows:

$275 per square foot for school districts located in out-state Michigan. The rate is derived from the average RS Means historical cost indexes for five major Michigan cities.
$289 per square foot for school districts located in the Detroit-Warren-Flint Combined Statistical Area (CSA), which includes the following counties: Washtenaw, Lapeer, Livingston, Macomb, Oakland, St. Clair, Wayne, Genesee and Monroe. This rate is based on the RS Means historical cost index for Detroit.

Applications that contain new construction projects where the cost per square foot exceeds these parameters require additional explanation. Explanation should identify the specific building project and provide details of the special circumstances of that project that caused the variance. Discussion of the higher costs will take place during the preliminary qualification application review.

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Michigan Department of Treasury
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