Elmwood Park Public
Schools
Facilities Upgrade and Construction Project
2012Presentation October 16,
2012
DECEMBER 2011 REFERENDUM
DEFEATED
3 to 1
WE LISTENED!
Our Students Deserve More
• Initial Referendum project in 2003 was reduced significantly and excluded many deteriorating areas such as roofing; pointing; HS gymnasium areas
• Roof and window “leaks” have created extenuating damage at facilities, especially Gilbert Avenue School
• HS gymnasium can no longer continue to be repaired (major roof leaks; flooring; lighting; ventilation)
• HVAC systems at schools for proper air/heating must be renovated
• Projected population growth (especially from the new project on the Riverfront) will increase the need for classroom space, especially at the elementary level. BOE offices were initially established for kindergarten/pre-kindergarten areas.
• Projected growth of special needs students and the tuition associated with these students will be exorbitant. These children deserve the least restrictive environment.
• Fields are sloping due to weathering and poor drainage
• Track is unusable.
• Fieldhouse Facilities (e.g. Snack Hut; Bathrooms) are deplorable.
THE LONGER WE WAIT……..
THE MORE COSTS KEEP GOING
UP, UP, UP
HOW THE VOTING WORKS
1
1 and 2
1, 2 and 3
Question #1
Necessary Building Repairs/Additions
Roofing – Approx. 1 Acre
Gantner Ceiling and Lighting
Pointing Issues
Boilers/Hvac systems
Windows, Gutters, Leaders
Gilbert Avenue Elementary School Major Infrastructure
Repair
HS/MS Auditorium
MS/HS lavatories
HS Gymnasiums
Additional Classrooms at 16th and Gilbert Avenue
Question #2
Athletic Facilities
Question #3
High School Campus Annex
- One floor with steel specifications to build “up” in the future
- Classroom equipped with specific aides for special needs population
- The Annex would add rooms to the campus to help bring back out-of-district students and house academy classes and large lecture series as well.
- The building would “pay for itself” in approximately 4 Years if the space created makes other rooms available for out-of-district students on campus..
- More students return to a lesser restrictive environment
WE LISTENED!
What we did first
Financial AdvisorWe listened to the taxpayers with regard to the tax impact and researched the most cost effective way to Bond this project
Utilization of the BCIA (Bergen County Improvement Authority)• Assuming we finance through this entity, we can
capitalize on its “AAA” rating• selling bonds on our own would be investing with a
worse rating (B+ to a low A)• We will also be refinancing our current debt service
through this agency.• 3% bond rate• Savings to taxpayers $500,000 to $2,000,000
Let’s Talk Dollars
QUESTION 1 –Repairs to All Sites and Necessary Additions
$13,120,500
QUESTION 2 –Athletic Facilities Upgrade
$ 6,600,000
QUESTION 3 –High School Annex
$ 3,500,000
QUESTION 1 –Repairs to All Sites and Necessary Additions
$13,120,500
QUESTION 2 –Athletic Facilities Upgrade
$ 6,600,000
QUESTION 3 –High School Annex
$ 3,500,000
Question 1$13,120,500
Interest$ 6,145,550
Total Debt Service$19,266,050
Question 1 and 2$19,720,500
Interest$ 9,326,025
Total Debt Service$29,046,525
Questions 1, 2, and 3$23,220,500Interest
$10,647,050Total Debt Service$33,867,550
“Hey Dr. Tomko, how are we going to pay for this?”
If Question 1 Passes……
Referendum Construction Project $13,120,150
Total Local Share for Project$13,120,150
State Aid for Project$0
Cost per assessed household ($331,836)
Year 1$63
Year 2 - 25$124
Cost per $100,000 assessed valued $37
Question 1
34 Cents a Day
If Question 1 and Question 2 Pass…
Referendum Construction Project $19,720,500
Total Local Share for Project $19,720,500
State Aid for Project$0
Cost per assessed household ($331,836)
Year 1$92
Year 2 - 25 $187
Cost per $100,000 assessed valued $56
Questions 1 and 2
52 Cents a Day
If Questions 1, 2, and 3 Pass…
Referendum Construction Project $23,220,500
Total Local Share for Project $23,220,500
State Aid for Project$0
Cost per assessed household ($331,836)
Year 1$110
Year 2 - 25 $219
Cost per $100,000 assessed valued $66
All 3
60 Cents a Day
November 6 Ballot Questions
Governor Christie is asking New Jerseyans to vote for a higher education bond referendum in the sum of $750,000,000………..Cost to taxpayers?
Consensus says this will pass.
Of course, higher education and buildinginfrastructure is important……….
OUR KIDS and OUR TOWN are WORTH EVERY
PENNY!
QUESTIONS?