WCS OKs First Part Of $100M Building Plan
July 28, 2016 at 4:25 p.m.
By David [email protected]
But with the overcrowding and facility needs at the elementary schools being what they are, the school board approved moving forward with Step 1 of Option A by a vote of 6 to 1, with board member Delores Hearn opposed.[[In-content Ad]]Monday night's regular school board meeting included the 1028 hearing for Step 1 of the building project. The 1028 hearing is a legal step in the process that the school corporation must take before beginning a construction project of more than $1 million. The purpose of the hearing is to allow the public to receive information and provide comments.
Step 1 includes replacing Leesburg Elementary with a new four-section school for $16 million; expanding and renovating Claypool and Jefferson schools for $10 million each; and replacing Madison with a new four-section school for $16 million. The total bond issue for Step 1 is $65 million, including $13 million in soft costs. Soft costs include such items as temporary facilities, property purchase, construction contingencies, professional services, financing, etc.
The total cost for the entire Option A is approximately $100 million. The other two steps, if approved, would include addressing the facility needs of the other elementary schools in the school corporation, as well as the two middle schools. If the school board proceeds with Steps 2 and 3, each step will require a 1028 hearing.
Todd Samuelson, partner with Umbaugh & Associates, Plymouth, the financial consultants for Warsaw Schools on the project, said the estimated tax rate impact for the $65 million bond issue per $100 of assessed valuation is $0.1771. The maximum term to pay the bond back is 26 years.
On residential homesteads, Samuelson said the $0.1771 estimated monthly impact would be an increase of $5.09 for a $75,000 home; $5.76 for a $84,000 home; $7.82 for a $100,000 home; and $29.96 for a $250,000 home.
"The impact we're seeing on this project would not be seen until taxes payable 2009," said Samuelson.
Per acre of farmland, the estimated annual tax impact for taxes payable 2009 will be $2.02.
In addition, the school corporation could file a new facility appeal to cover the estimated additional operating costs for new buildings and additions to existing buildings that are paid from the General Fund. Operating costs covered by the appeal include utilities, custodians' wages and benefits, and insurance. The estimated additional operating costs for Step 1, Samuelson said, is $1,099,927, with the estimated maximum General Fund tax impact of $0.441.
With the appeal included, the estimated monthly impact on residential homes' tax rate is $6.36 for a $75,000 home; $7.19 for a $84,000 home; $9.77 for a $100,000 home; and $37.42 for a $250,000 home. Per acre of farmland, the monthly tax rate impact will be $2.52.
At the end of the 2003-04 school year, Atwood, Silver Lake and Claypool elementary schools were closed. Since then, students at those schools have been transported to other schools, causing overcrowding.
The school board interviewed five architectural firms, eventually choosing Kovert Hawkins, Jeffersonville, to oversee a possible building project. Kovert Hawkins developed three options. Option A - which keeps the sixth grades in the elementary schools, expands and renovates several elementary and middle schools, and builds new Madison and Leesburg schools - was chosen.
Monday night, the school board approved the two resolutions that moves Step 1 of the building project forward.
The 1028 resolution says the project will be constructed for the purpose of providing an improved educational program and environment for elementary school students. The resolution also states the total estimated project is $65 million. It also states the anticipated impact on the debt service fund tax rate is $0.1771 per $100 of assessed valuation based on an estimated $2,495,744,727 assessed valuation beginning in 2009.
The second resolution is the preliminary determination resolution. It states the school board preliminarily determines to enter into a lease for the proposed construction of the new Leesburg and Madison schools, and the renovation and additions to Jefferson and Claypool schools. The resolution also says the lease will be for a maximum of 26 years with a maximum annual lease rental of $4,911,000.
School board members voting for the two resolutions included President Ron Yeiter, Vice President Dan Robinson, Secretary Gene England and members Chuck Sauders, Deb Wiggins and Tammy Dalton.
But with the overcrowding and facility needs at the elementary schools being what they are, the school board approved moving forward with Step 1 of Option A by a vote of 6 to 1, with board member Delores Hearn opposed.[[In-content Ad]]Monday night's regular school board meeting included the 1028 hearing for Step 1 of the building project. The 1028 hearing is a legal step in the process that the school corporation must take before beginning a construction project of more than $1 million. The purpose of the hearing is to allow the public to receive information and provide comments.
Step 1 includes replacing Leesburg Elementary with a new four-section school for $16 million; expanding and renovating Claypool and Jefferson schools for $10 million each; and replacing Madison with a new four-section school for $16 million. The total bond issue for Step 1 is $65 million, including $13 million in soft costs. Soft costs include such items as temporary facilities, property purchase, construction contingencies, professional services, financing, etc.
The total cost for the entire Option A is approximately $100 million. The other two steps, if approved, would include addressing the facility needs of the other elementary schools in the school corporation, as well as the two middle schools. If the school board proceeds with Steps 2 and 3, each step will require a 1028 hearing.
Todd Samuelson, partner with Umbaugh & Associates, Plymouth, the financial consultants for Warsaw Schools on the project, said the estimated tax rate impact for the $65 million bond issue per $100 of assessed valuation is $0.1771. The maximum term to pay the bond back is 26 years.
On residential homesteads, Samuelson said the $0.1771 estimated monthly impact would be an increase of $5.09 for a $75,000 home; $5.76 for a $84,000 home; $7.82 for a $100,000 home; and $29.96 for a $250,000 home.
"The impact we're seeing on this project would not be seen until taxes payable 2009," said Samuelson.
Per acre of farmland, the estimated annual tax impact for taxes payable 2009 will be $2.02.
In addition, the school corporation could file a new facility appeal to cover the estimated additional operating costs for new buildings and additions to existing buildings that are paid from the General Fund. Operating costs covered by the appeal include utilities, custodians' wages and benefits, and insurance. The estimated additional operating costs for Step 1, Samuelson said, is $1,099,927, with the estimated maximum General Fund tax impact of $0.441.
With the appeal included, the estimated monthly impact on residential homes' tax rate is $6.36 for a $75,000 home; $7.19 for a $84,000 home; $9.77 for a $100,000 home; and $37.42 for a $250,000 home. Per acre of farmland, the monthly tax rate impact will be $2.52.
At the end of the 2003-04 school year, Atwood, Silver Lake and Claypool elementary schools were closed. Since then, students at those schools have been transported to other schools, causing overcrowding.
The school board interviewed five architectural firms, eventually choosing Kovert Hawkins, Jeffersonville, to oversee a possible building project. Kovert Hawkins developed three options. Option A - which keeps the sixth grades in the elementary schools, expands and renovates several elementary and middle schools, and builds new Madison and Leesburg schools - was chosen.
Monday night, the school board approved the two resolutions that moves Step 1 of the building project forward.
The 1028 resolution says the project will be constructed for the purpose of providing an improved educational program and environment for elementary school students. The resolution also states the total estimated project is $65 million. It also states the anticipated impact on the debt service fund tax rate is $0.1771 per $100 of assessed valuation based on an estimated $2,495,744,727 assessed valuation beginning in 2009.
The second resolution is the preliminary determination resolution. It states the school board preliminarily determines to enter into a lease for the proposed construction of the new Leesburg and Madison schools, and the renovation and additions to Jefferson and Claypool schools. The resolution also says the lease will be for a maximum of 26 years with a maximum annual lease rental of $4,911,000.
School board members voting for the two resolutions included President Ron Yeiter, Vice President Dan Robinson, Secretary Gene England and members Chuck Sauders, Deb Wiggins and Tammy Dalton.
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