|
How much will the proposed
building project cost me?
Utilizing the district’s $1.78 million
EXCEL aid allocation as well as the newly established
$750,000 Capital Reserve Fund (approved by voters in May
2007) as a foundation, the Facilities Committee recommended
to the Board of Education a project totaling $26,971,500
which has the following components:
-
$17,380,900 for renovations to
electrical, heating and ventilation, roofing, and
communications systems at all elementary schools.
-
$5,710,600 devoted to technology
infrastructure and program improvements as well as
safety and security upgrades. This facet of the project
will support technology cabling, the upgrade and
expansion of wiring closets, network equipment,
classroom equipment, security systems, surveillance
cameras, and electrical improvements.
-
$3,880,000 to relocate the district
administrative offices to Guilderland High School.
Existing classroom space will be renovated to maximize
state aid and new classrooms will be constructed to
accommodate the change in the building configuration.
In addition to the EXCEL aid mentioned
previously, the cost of the proposed project would also be
offset by New York State building aid (60%) and by the
Capital Reserve Fund established earlier this year
($750,000).
The tax impact of the proposed building
project will be approximately 16.2 cents per $1,000 assessed
value. For district residents owning a home or property with
an assessed value of $180,000 (the average assessment in the
Town of Guilderland), the estimated tax increase is $2.43
per month or approximately $29 per year.
|
Tentative amount to be
borrowed: $22,443,500 over 15 years at an
interest rate of about 4.75%, with New York State
building aid reimbursing 60% of that amount. The
total amount of the project will be offset by $1.78
million in EXCEL Aid, the Capital Reserve Fund
($750,000) established earlier this year, and by $2
million from the district’s fund balance. Local
taxpayers’ share of the amount to be borrowed is
$9.4 million.
The tax impact for district
residents is about 16.2 cents per $1,000 assessed
value. For district residents owning a home or
property with an assessed value of $180,000 (the
average assessment in the Town of Guilderland), the
estimated tax increases for the proposed $26.97
million project is approximately $2.43 per month or
$29 per year based on current information.
|
|
