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Project Costs
Why has the tax impact changed?
Key financial assumptions used to determine preliminary mill rate impacts change throughout the facilities planning process as new information is available. LMASD consistently uses a conservative approach when evaluating facility projects and has been proactively budgeting to pay down and refinance debt for several years. Based on the latest financial data available, the estimated increase over the current mill rate for debt (Question #1) is now lower than projected earlier in the planning process.
Question I: New Intermediate School Construction (Bond Issuance)
Requests permission to borrow up to $44 million to fund the construction of a new Grade 3-5 Intermediate School on district-owned land off Highway 89 and Unzhaven Road.
Not-to-exceed cost includes all construction, site improvements, furniture, fixtures and equipment, professional services, permitting, etc.
If approved by voters, the estimated tax increase (over the current mill rate for referendum debt payments) would be $0.25 per $1,000 of fair market property value or $25 per year for every $100,000 of property value for approximately 20-21 years.
If approved by voters, this increase would go into effect starting with the December 2023 tax bills.
Requests permission to exceed the existing revenue limit on a recurring basis for up to $950,000 each year.
Funds to be used to support additional ongoing operational costs associated with operating a new (fourth) school in the district including staffing, utilities, maintenance, technology, etc.
If approved by voters, the estimated maximum tax increase (over the current tax mill rate) would be $0.68 per $1,000 of fair market property value or $68 per year for every $100,000 of property value.
If approved by voters, this increase would go into effect starting with the December 2024 tax bills and remain at this level to support annual operating costs.