Let's talk facts and figures
How would funding a new elementary school affect you? Let's talk numbers.
The 2019 $28.985 million single-purpose bond will have little to no tax increase on the average Monument homeowner ($400,000 home value). How is that so? This is a result of more homes contributing to the tax base, the decrease in Palmer Ridge and Prairie Winds overall debt, new assessment values, and the D38 Board of Education working with financial advisors to structure the most conservative bond proposal, costing under $30 million. Funding a new school could actually increase local property values. The average business owner's taxes ($400,000) would be impacted at approximately $35 a month.
This is a single purpose bond and will be used only to build a new elementary school, not cover salary increases or operating costs. The total payback is $42.25 million.
LPSD was able to lower the construction costs due to the extended timeline for construction. If the bond passes, Bear Creek Elementary School will then be converted back to its original middle school design using district reserve funds. The construction timeline would follow a more traditional plan, enabling the restoration of Creekside Middle School in 2021 as the new elementary school would be ready for students at the same time.
D38 and the Board of Education have worked to make the bond language clear, and have not used language such as "to include but not limited to."
Although conventional wisdom suggests that there are several reasons not to pursue a bond this year, the real issues say otherwise. The timing of this year's bond proposal could be considered inappropriate due hiring a new superintendent and open board seats on the same November ballot. The fact that LPSD has to add portable classrooms at the existing middle school, and some of our elementary schools, is the main reason behind putting the bond on the ballot. The current LPSD administration is also positioned to support the Board of Education in conducting a successful 2019 bond initiative. The board is unified around this bond proposal.
LPSD 38 Comparison of Existing Bond Debt with proposed 2020 Bond
Bond Series Bond Term Interest Principal Total Payback
Series 2000 Bonds 26 years $22.1 million $22.9 million $45.0 million
49.1% 50.9% 100%
Series 2007 Bonds 23 years $45.4 million $57.8 million $103.2 million
44.0% 56.0% 100%
Series 2020 Bonds 15 years $16.2 million $29.0 million $45.2 million
35.9% 64.1% 100%
$28.985 million is the actual amount which will appear on the 2019 ballot initiative for LPSD.