Option 3: Build New in One Phase

PowerPoint Presentation (8 slides)
Video (overview of all three options starts at about 00:28:00; presentation on Option 3 starts at about 00:37:25)
2021 project completion

Allows for ten acres of commercial/economic development
$117 million cost (estimated)
- $6.9 million annual debt service
- Before commercial/economic development: 17.25 cents on the real estate tax rate, which is $1,200 per year for an average household ($700,000 home)
- After commercial/economic development: $400 to $600 per year for an average household ($700,000 home)
- Use $9 million from City's reserves to reduce debt service until economic development comes online
$30 million to $42 million in potential sale or lease value
$4 million to $5 million estimated annual tax yield in the year 2026
Summary
- Delivers new school most rapidly
- Highest "upfront" cost
- Risk of land sale and economic development not occurring immediately

Community Planning