The planned rebuild of the high school moved a step ahead this week when the School Board on Thursday evening approved a resolution to sell $86.9 million in bonds to be repaid over 20 years.
The bonds will be sold by the School District's bond counsel, K&L Gates, LLP, with final approval by School Superintendent Mark Wenzel and district Finance & Operations Director Lisa Matthews.
Voters approved the bond issue in a election last February.
The money will be combined with a $1 million private donation and another $1 million in state matching funds for a total cost just shy of $90 million.
In total the bond adds 58 cents per $1,000 of assessed value per year for property owners in the school district. For the owner of a $300,000 house, that’s an extra $174 per year. The total combined school tax rate will be about $3.11 per $1,000 valuation.
About 60 percent of the funds will go for new construction, including a new classroom building on what is now War Memorial Field. About 40 percent will be spent on renovation of current buildings, including Brodniak Hall and the gym.
Construction, which is planned to be around 100,000 square feet, is set to be completed in 2018.