School Comments By Robert Mayer The following article is the third and last in a series on the high school expansion project. The first two articles dealt with a history and need for the project. The subject remaining for discussion is cost.
The projected cost of the project is $5,612,433. This cost includes all construction, architect fees, equipment desired and site preparation. The board of education has designated that a combination of general obligation bonds and capital outlay certificates be used to fund the project.
The general obligation bonds would be in the amount of $3,500,000 with a 20 year payback. Approval by voters would raise property taxes $1.03 per one thousand dollars of assessed taxable property valuation. This $1.03 tax increase is based upon the old property assessments. The recent reassessment of property was not known to us at the school until those reassessments were completed. It appears that much of the property increases in value. Therefore, the $1.03 will decrease. However, the amount of money people would pay for the facilities project would remain about the same. People would not be assessed a $1.03 increase on the new assessment to pay for the building project. It is not known to us at the school how much the $1.03 will change.
The remainder of the project estimated to be $2,112,433 would be funded by issuing capital outlay certificates. These certificates are repaid annually from the district's capital outlay budget. This portion of the funding would not result in additional taxes or levies.
Last week, brochures explaining the project were delivered within the city limits. A distribution plan for rural areas is being developed. If citizens have questions over the information in the brochure, please feel free to call me at 677-7000. If anyone did not receive a brochure, please call and one will be sent to you.