a collaborative process

Transcription

1 2017 Referendum Belleville Public Schools July 26, 2017 a collaborative process

2 Introduction Di Cara Rubino Architects Jerry Rubino, AIA Firm Principal Allen Barnett, AIA, LEED AP Senior Project Manager Belleville Public Schools Dr. Richard Tomko Superintendent of Schools Matthew Paladino Business Administrator Thomas Egan State-Appointed Monitor Wilentz, Goldman & Spitzer, P.A. Lisa A. Gorab Public Finance Attorney good enough never is 2

3 Project Overview Facility upgrades at the District s nine existing buildings Belleville High School Belleville Middle School Elementary School #3 Elementary School #4 Elementary School #5 Elementary School #7 Elementary School #8 Elementary School #9 Elementary School #10 good enough never is 3

4 Belleville High School Masonry walls Exterior concrete wall repair Window Replacement Roofing Heating Plant Electric Service Upgrades and Distribution Concrete sidewalks, curbs, and stairs Toilet Room and Locker Room Renovations Auditorium Improvements 4

5 Belleville Middle School Masonry walls Roofing Electric Distribution Upgrades Site work Concrete sidewalks, curbs, and stairs Toilet Room and Locker Room Renovations 5

6 Elementary School No. 3 Masonry walls Window replacement Heating Plant Electric Service and Distribution Upgrades Concrete sidewalks, curbs, and stairs Masonry retaining wall repairs Toilet Room Renovations 6

7 Elementary School No. 4 Masonry walls Exterior doors Roofing Heating Plant Elevator Electric Distribution Upgrades Concrete sidewalks, curbs, and stairs Masonry retaining wall repairs Toilet Room Renovations 7

8 Elementary School No. 5 Masonry walls Heating Plant Elevator Electric Distribution Upgrades Concrete sidewalks, curbs, and stairs Toilet Room Renovations 8

9 Elementary School No. 7 Window replacement Heating Plant Elevator Electric Service and Distribution Upgrades Concrete stairs and walls Toilet Room Renovations 9

10 Elementary School No. 8 Masonry wall repair Exterior door replacement Window replacement Elevator Electric Service and Distribution Upgrades Concrete sidewalks, stairs and walls Toilet Room Renovations 10

11 Elementary School No. 9 Masonry wall repair Exterior door replacement Window replacement Roofing Heating Plant Elevator Electric Distribution Upgrades Concrete sidewalks, stairs and walls Toilet Room Renovations 11

12 Elementary School No. 10 Masonry wall repair Window replacement Roofing Heating Plant Elevator Electric Distribution Upgrades Concrete sidewalks, stairs and walls Toilet Room Renovations 12

13 Total Project Cost Belleville High School $ 9,917, Belleville Middle School $ 4,474, Elementary School #3 $ 3,078, Elementary School #4 $ 5,128, Elementary School #5 $ 3,208, Elementary School #7 $ 3,857, Elementary School #8 $ 3,559, Elementary School #9 $ 2,377, Elementary School #10 $ 2,242, Construction Cost: $ 37,840, Project Costs: $ 10,696, Total Project Cost: $ 48,536, good enough never is 13

14 Preliminary Estimated Annual Tax Impact of Debt Service on Average Assessed Home Assumptions: $48,536,610 Project Project financed with long term bonds Assumes 49.75% State debt service aid (award letter has been received) An average interest rate of 3.75% for a 20-year bond issue An average interest rate of 4% for a 25-year bond issue Bonds issued in January 2018 with first impact in 2019 fiscal year 2017 Total assessments of $2,668,940, Average assessed home of $238,100 BOND TERM PAYMENT Less: State Contribution NET PAYMENT ESTIMATED AVERAGE ANNUAL TAX IMPACT ON AVERAGE ASSESSED HOME 20 years 25 years $3,492,000 $3,107,000 $1,737,270 $1,545,732 $1,754,730 $1,561,267 $ $ ESTIMATED AVERAGE MONTHLY TAX IMPACT ON AVERAGE ASSESSED HOME $13.00 $11.60 good enough never is These estimates are very preliminary, and are subject to change based upon debt structure, timing of bond issue, and further interest rate estimates. 14