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Proposed Bond Rates For LHS Gym Replacement

Posted On December 04, 2013

By Mike Perleberg

 

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RQAW/Lancer+Beebe’s schematic design of what the proposed new Lawrenceburg High School gymnasium could look like. 

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(Lawrenceburg, Ind.) – The financial picture – and possible tax implications – for a gym replacement project at Lawrenceburg High School are coming into focus.

 

On Monday, the Lawrenceburg Community Schools Board of School Trustees received information from accounting firm Umbaugh & Associates about preliminary methods of paying for the crumbling high school gym with a new facility. You can read more about the gym’s problems here.

 

The cost of the gym replacement and a new artificial turf athletic field would be about $13.9 million. The City of Lawrenceburg is making a $4 million riverboat funds contribution towards the project, and more financial help could be forthcoming from the City of Greendale.

 

The rest of the cost would be paid by the school’s existing funds and taxpayers. The school corporation could kick in $945,300 in funding from cash it has on-hand. Four bonding options – each at around $9 million – now being considered by the school board could raise property taxes within the school district. The terms of the four bond options range from 10 years to 17 years.

 

Under the proposals, a home valued at $100,000 could see taxes rise anywhere from about $35 to $52 a year, depending on the length of the bond. Rental and commercial property could see an increase of anywhere from $105 to $185.

 

The Lawrenceburg Community Schools Board of School Trustees could further discuss the gym funding proposals when they meet in a regular monthly public meeting on Monday, December 9 at 6:00 p.m. in the Greendale Middle School Commons.

 

A Powerpoint presentation on the preliminary financing information can be found on the school corporation website, http://www.lburg.k12.in.us/education/district/district.php?sectionid=1.

 

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