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
    • Today's fifth graders enter 9th grade when school is complete
  • 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
Opt3Birdseye