TIPP CITY — On May 7, residents of Tipp City will vote on a proposed bond issue for the renovation and construction of classrooms for the Tipp City school district.
A 27-year, $35.75 million bond issue has been proposed to fund 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.
“Improving our school buildings will keep our community and schools strong. Strong schools attract families that will support our continuing culture of educational excellence resulting in strong property values,” said bond issue committee co-chair Linda Ares.
According to the district’s treasurer, Dave Stevens, 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.
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.
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.
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 bond issue and state co-funding will also include the demolition of two of the district’s older building, Broadway and Nevin Coppock.
“The aging elementary buildings will need expensive major repairs in the next few years. If we continue to wait, we may not have the co-funding opportunity we have now to help with the financing of the renovation,” Ares said.