Thursday, April 19, 2012
Board Approves $850,000 Foundation Grant for Auditorium
From the Board's perspective, the private/public partnership makes this project achievable. A $3 million target for private donations includes the grant, the proceeds of this week's PTA benefit, and other individual contributions. Accepting the grant is the first step in a process that will include Board consideration of transferring additional monies into the construction reserve and formal approval of a bond issue. The decision to proceed is scheduled for May or June of this year.
Assistant Superintendent Dan Carlin presented information showing that the cost of purchasing bonds is at an historic low (less than 3%) and that the cost of new debt will be offset by old debt falling off, thus reducing district expenditures. The presentation showed that a $5 million bond would cost the owner of a $1 million home about $140 per year. In addition, the Board has currently allocated $2 million to a construction reserve and has indicated its intention to add more.
The grant was accepted by a 6-1 vote, with Chris Atayan dissenting on the grounds of affordability. President Jim Hudson stated the Board will vote on this project before the end of the school year, and ultimately a voter referendum is needed to move the project forward. Assuming Board approval, such a vote is anticipated for the fall so that construction could begin as early as next summer.
For additional information about the project, go here.
Posted by David Quattrone at 11:04 PM