|
June 24, 2004
<br />
<br />Page 555
<br />
<br />(3) Combinatio~ of Pay*as-you Go and Financing (Approximate interest cost
<br /> of $152,439,095.85 over 20 years and varying tax rate equivalents)
<br />(4) Combinatio~ of Pay-as-you Go and Financing with Level Tax Rate
<br /> (Total interest cost of approximately $97 million with a school funding
<br /> rate of 17.5 cents)
<br />(5) Level $.10 Tax Rate Increase (Shortfall of $175,146,280.02 over 10
<br /> years)
<br />(6) Level $.10 Tax Hate Increase Including Issuance of Debt for Phase I
<br /> Projects.
<br />
<br />Ms. Dubois reported Options 1-$ were previously presented and reviewed by the
<br />Community Commit=es on Education Capital Planning and Financing. Option 6 was
<br />developed since the Committee's final meeting and presented to Ms.
<br />Blackwelder and representatives from the two school systems this morning.
<br />Ms. Dubois explained that Option 6 proposed to set a tax rate of 10 cents for
<br />school construction and issue a bond for the Phase I school construction
<br />requests. This would allow the County =o work towards ~Pay-as-You Go" while
<br />providing the short-term construction needs. She presented =he followlng
<br />summary of Phase 1 requests which she stated she had reviewed w/th Ms.
<br />Slackwelder and representatives from the two school systems.
<br />
<br /> June 23, 2004
<br />School Funding Request
<br />Summary Format
<br /> Phase I
<br />
<br />Caharrus County Schools
<br />
<br />New High School
<br />Odell Elem. ~eplacement
<br />Renovations AT Allen
<br />New NW Blem.
<br />New NW Elem.
<br />Science Labs/Classrooms at NW HS
<br />Medis Center/ Concord HS
<br />
<br />Kannapolis City S~hools
<br />
<br />35,408,$10.00
<br />13,728,620.00
<br />2,900,000.00
<br />12,134,855.00
<br />12,034,855.00
<br />2,500,000.00
<br />3,S00,000.00
<br />
<br />$82,206,840.00
<br />
<br />~enovations
<br /> AL Brown Auditorium
<br /> Middle School Gym
<br /> Middle Schc~ol Classrooms
<br /> Middle School Lockers
<br />
<br />Construction/Renovations
<br /> Replace Shedy Brook Elem.
<br /> AL Brown Classroom Bldg & Aux Gym
<br /> Forest Park Classroom Addition
<br /> Central Office Addition
<br />
<br />520,000.00
<br />260,000.00
<br />52,000.00
<br />15,600.00
<br />
<br />RCCC
<br /> Building 3000
<br />
<br />6,282,278.08
<br />3,109,206.88
<br />1,196,117.52
<br />1,029,114.32
<br />
<br />$12,464,316.80
<br />
<br />3,065,141.00
<br /> $3,065,141.00
<br />
<br />Grand Total
<br />
<br />$97,736,297.80
<br />
<br /> UPON MOTION Of Co,~tssioner Privet=e, seconded by Commissioner Carruth
<br />with Com~issioners Privette and Carruth, Vice Chairman Suggs and Chairman
<br />Freeman voting for, the Board agreed for the November ballot to include a
<br />$97,736,297.80 School Bond Referendum for projects as so designated. (See
<br />above summary.)
<br />
<br /> Ms. Dubois ~equested authorization to round the amount of the proposed
<br />bond referendum t~ $98 million. The Board by consensus concurred with the
<br />request.
<br />
<br /> IIPON MOTION of Commissioner Carruth, seconded by Commissioner Privette
<br />with Commissioners Carruth and Privet=e, Vice Chairman Suggs and Chairman
<br />Freeman voting for, the Board directed staff to investigate options as to how
<br />a school capital ad valorem tax can be established to fund school
<br />construction needs and to report those options to the Board at the next
<br />meeting.
<br />
<br />
<br />
|