Jefferson: New Plan Calls for $17.6M Referendum
District 200 officials decide on financing plan before vote on referendum for a new Jefferson Early Childhood Center.
The District 200 Board of Education will vote Jan. 9 on a referendum asking residents to support an annual tax increase of up to $51 to pay for a new Jefferson Early Childhood Center.
After a Nov. 28 board meeting, architects and District 200 administrators revised an $18.3 million, 63,000-square-foot building plan, shaving off about 4,000 square feet or $700,000 of the total cost. District 200 staff also met with Jefferson staff to decide which of two proposed designs would most fit students’ needs.
Stephanie Farrelly, Jefferson’s principal, and the current acting assistant superintendent of student services, said of the two plans presented—a ‘courtyard’ option and a ‘neighborhoods’ option—staff preferred the courtyard design.
After hearing four financing options for the project, the board directed staff to prepare a resolution for the January vote with a plan to bond $17.6 million, amortize some of the principal annually with no debt service extension past 2023.
Correction: The referendum amount is $17.6. Patch wrote $17.5 in the headline.
Lewis presented the following financing scenarios to the board, showing the referendum’s potential impact on taxpayer’s bills:
|Scenario 1||Scenario 2||Scenario 3||Scenario 4|
|Two principal payments||Some principal amortized annually without extension||Series 2013 level debt service||Single principal payment without extension|
|Referendum amount||$17.6 million||$17.6 million||$17.6 million||$17.6 million|
|Estimated net debt service||$24,764,425||$23,408,700||$20,868,588||$24,263,000|
|Estimated tax rate increase||.025||.032||.062||.024|
|Estimated tax payment increase|
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