The proposed expansion of Princeton Community Primary School North is expected to not increase rate for tax payers.
A proposed $10.65 million bond issue to finance the expansion of the school could be repaid at about the same debt service tax rate North Gibson property owners are paying now.
The proposed project includes a new wing on the south side of PCPS North that would include 11 classrooms, computer labs and toilet rooms, plus light remodels of the kitchen/cafeteria, a new gym on the east side of the building.
At the first of two public hearings for the proposed project, H.J. Umbaugh & Associates CPA Jeffrey Hammond told North Gibson school trustees the current debt service tax rate is slightly more than 57 cents per $100 of assessed valuation, and the estimated tax rate for the new project, which would be wrapped around the current bonds issued to build the high school, would be 56 cents per $100 AV in 2020.
Hammond says the school district is making a $4.9 million annual bond payment for the high school construction project through 2029. The new bond issue would continue the school’s bond debt through 2031, with no increase in the tax rate anticipated.
According to Hammond these calculations are estimated higher than current interest rates as a cushion.
If bonds are issued and bids are accepted by early 2019, the expansion project could be completed by the summer of 2020.