The Kewaskum School Board rolling out an initial resolution Monday night as it voted to authorize $28.42 million in general obligation bonds for a Nov. 8 referendum.
Superintendent Jim Smasal said the Long Range Planning Committee (LRPC) was exploring facility needs within the district. The Board hired Bray Architects and CD Smith to assist in the process and devise solutions to the facility needs.
Some bullet points about the project:
-Kewaskum Middle School dates to the 1970s and KHS has been expanded since the 1960s.
-Enrollment at KHS is about 600 and at the Middle School it’s 410.
-The 36-cent increase on mil rate per $1,000 worth of property value includes the interest rate (possibly 3.25%) that will be paid back on the loan. The potential interest adds $11 million onto the cost of development bringing the total referendum to about $39 million.
-The total amount of the referendum with interest depends on the interest rate secured by the district.
-Smasal said “interest rates are at an historic low”
-“If somebody wants to know how much interest we’re going to pay on a $28 million loan over 20 years it’s about $11 million. If we can get the loan for 2.75% interest that’s about $1.7 million less,” said Smasal.
-“The interest will come over the life of the loan but you have to be very careful about how you say that,” said Smasal.
-“The board did a long-range study and we took a look at our middle and high schools and we think we came up with a decent plan to get them in the shape our kids deserve. Nothing out of the ordinary, nothing extravagant, just up-to-date facilities for our needs for learning and having secure buildings and our needs to upgrade our facilities as far as heat, light, sound proofing, etc.,” said Smasal.
-Strategic planning started in October 2012.
-“We can feather the new debt onto the old debt and keep the tax levy stable,” Smasal said.
-The goal is to have a community packet released August 22 at the annual meeting. There will be three informational sessions and a number of sessions at different events.