TIPP CITY — On Tuesday, the Tipp City Schools held another in its series of community meetings to talk about facilities, this time with an emphasis on funding for the proposed building project.
The district’s treasurer, Dave Stevens, presented attendees with information about the bond issue to fund the project.
The district will participate in the Ohio Facilities Construction Commission’s (OFCC) Expedited Local Partnership program. The OFCC will co-fund the project at a 35 percent rate, which the district will receive as a reimbursement at a later time. The estimated co-funding amount from the state is $10,092,584.
“That’s where we get the funding now, on our own, we build the project now and then when the money is available, the state will give us a refund for their portion,” Stevens explained. The district will also have control over the selection of an architect and a construction manager.
A 27-year, $35.75 million bond issue to fund the project will appear on the ballot in May. The millage rate of the bond issue will be 5.4 mills, but for the first five years of its term, 3.87 mills will be collected, enough to enough to pay the interest on the project until the high school bond is paid off in 2024.
For the first five years, the cost to the owner of a home valued at $100,000 would be about $11.29 a month and about $18.57 per month for the owner of a $164,500 home. Homeowners over the age of 65, using those same home valuations, could expect a monthly cost of $8.47 or $15.75, respectively.
After the high school bond issue drops off, the monthly costs would be $15.75 for a home valued at $100,000, $25.91 for a $164,500 home. For homeowners over 65, with those same valuations, it would be about $11.81 or $21.97.
“So financially, why are we doing this now? And I can tell you: it’s because of the cost,” Stevens said.
According to Stevens, construction costs are projected to increase by at least 3 percent every year and there is the potential for rising interest rates.
Stevens also said that the cost to renovate all of the district’s current buildings is higher than the estimate cost of the proposed project, about $7 million more, and the state won’t provide any funding.
The proposed project currently includes the renovation of approximately 60 percent of L.T. Ball Intermediate School and the addition of about 94,000 square feet in new classrooms, an additional gymnasium and a stage.
A two-story classroom addition will branch off from the existing building. The first floor will include a multi-purpose gym and classrooms, restrooms and staff spaces for kindergarten and first and second grades. Grades three, four and five will be housed on the second floor. There will be an elevator to the second floor.
Each grade level will have its own wing or “neighborhood,” with nine classrooms, one special education classroom, two Title I rooms, a teacher workroom, a small group meeting room, storage and staff restroom.
The renovation would include an enlarged kitchen, extended library and media center, arts classrooms, special education and preschool classrooms and administrative offices. The added space would incorporate more classrooms, another gymnasium and a stage. The stage will be added to the back wall of the gym where a playground currently is.
Visitor parking and student drop-off will be reconfigured, with a new parking lot where Nevin Coppock, the bus compound and the tennis courts are currently located. Teacher parking and bus drop-off will be behind the building.
Tentative Project Schedule
May 7, 2019 Bond Issue
May 2019 Design Work begins
Early Spring 2020 Start Site Construction at LT Ball
Summer 2021PK-5 Move into the Addition
Fall 2021 Abatement / Demo of Nevin Coppock and Broadway
Late 2021 Completion of the Project
Reach Cecilia Fox at email@example.com.