It was a short and semi-uneventful meeting for the Warsaw Community School Board. Wrapping up several points from last week’s work session, the school board also heard information from Randy Hesser, school attorney with Warrick & Boyn LLP.

Hesser took a moment to lead the school board through the hearing process for the building projects at Lincoln Elementary, Edgewood Middle School and Washington STEM Academy.

The board was asked to adopt a resolution accepting the “Patron’s Petition” and determining need for the project; a resolution authorizing execution of the lease; a resolution appropriating the proceeds and establishing a construction fund; a resolution assigning contracts to the building corporation; a resolution approving continuing disclosure undertaking and issuing bonds; and a resolution approving post-issuance compliance procedures.

WCS Superintendent Dr. David Hoffert offered a brief update on the building project. Hoffert noted the three firms responsible for presenting design proposals are currently underway in developing their respective plans. The corporation anticipates a review of plans to occur sometime in October according to Hoffert

In a meeting held last month to provide the community with updates on the project, Hoffert stated the goal is to have shovels in the ground in October.

According to Chief Financial Officer Kevin Scott, the project is estimated to cost no more than $37,000,800 and would increase property taxes for the school’s debt service fund no more than 13.8 cents per $100 of assessed valuation over the 20 years of the bond.

Scott explained that for a home assessed with a $100,000 value subtractions such as a homestead deduction, supplemental deduction and mortgage deduction would leave an equal net assessed value of $32,750, the amount that will be taxed.

That amount is then divided by 100 and multiplied by $0.138 to equal $45.85 yearly or $3.82 per month. Roughly the cost of a gallon of milk.

The average home value within the school corporation, per the US Census Bureau is $132k. With an assessed 13.8 cents applied, the tax rate impact would be $6.20 monthly. Comparatively, a $200k home would pay an estimated $15 per month.

[To read about the other projects in the Facility Plan see: WCS Presents Facility Plan: Lincoln Elementary,WCS Presents Facility Plan: Washington Elementary, WCS Presents Facility Plan: Edgewood Middle School]