POTTSTOWN PA – Pottsgrove School District taxpayers ultimately will pay $22.6 million for the more than $17 million cost of rebuilding Ringing Rocks Elementary School, under borrowing authorized Tuesday night (June 15, 2010) by the Board of School Directors.
Directors voted 5-2 to accept a borrowing option that “makes building Ringing Rocks as cheap as possible” while still preserving their ability to seek loans for other capital projects in the future, district Business Administrator David Nester said.
The “modified wrap-around” loan plan directors chose will automatically increase the district property tax rate by a total of 0.67 mills, divided equally and phased in during the 2011-12 and 2012-13 school years. The loan re-payment is estimated to take 14 years. School board President Michael Neiffer and Treasurer Fred Remelius, both of whom favored a different option of four presented, were the opposing votes; board members Philip Keogh and Patricia Grimm were absent and did not vote.
Thinking ahead to what has been discussed as the district’s next pressing building need, millions of dollars in repairs at the aging Pottsgrove High School, Remelius said he preferred “keeping as much flexibility as we could” for future borrowing. None of his colleagues seemed to disagree, but those favoring the accepted option emphasized current costs.
“We need to be as responsible with this project (Ringing Rocks) as we can,” said board member Nancy Landes. “I’m allergic to paying banks more than we have to,” added board member April Kontostathis. Among the four options offered, payback costs ranged from $21.6 million to $27 million; however, the least expensive included limitations the board said it wanted to avoid.
Bids to finalize lending terms will be sought in July by a district consultant, and the loan is expected to be settled in September. The good news in borrowing now, directors were reminded, is that interest rates continue to be near all-time lows.
Related (to the Pottsgrove Board of School Directors’ June 15 meeting):
Related (to Ringing Rocks Elementary School renovations):
- Borrowing Authorized For Ringing Rocks Project
- Pottsgrove Signs Pius Lease For Ringing Students
- Pottsgrove Authorizes Pius Lease For Ringing Relocation
- Call Goes Out For Ringing Rocks Construction Bids
- Board OKs Ringing Rocks’ Preliminary Plans
- School Vestibule Design OK; No Decision On Rocks’ Relocation
- Ringing Rocks Plan Approval Held Until May
- Ringing Relocation Decision Deferred Again
- Township Legal Move Saves District Time, Money
- Economic Tales, Exec Sessions, And Long Night At Pottsgrove
- Geothermal Now ‘Locked’ Into Ringing Re-Build
- How Estimated Costs For Ringing Shape Up
- Less Is More In School Project, Planners Learn
- Bids Sought For Ringing Project Asbestos Removal
- Ringing Relocation Decision Possible In Two Weeks
- Restaurant, Ringing Projects Win Conditional Uses
- Ringing Rocks, Restaurant Hearing Topics Tonight
- Pottsgrove Student Enrollment: Up? Yes. Down? Yes Again
- Green Discussion At Ringing Results In Red Faces
- Pottsgrove, Archdiocese Still Discussing Pius Lease
- Ringing Rocks Relocation Discussion Set For Tonight
- In The Ringing Rebuild, Whither Pius?
- Ringing Rocks Relocation Plan: Modulars At MS
- Ringing Rocks Construction Cost Hearing Tonight
- Planners OK Ringing Rocks Land Sketch
- District Sets Dec. 3 Hearing On Rocks Budget
- Pottsgrove Asks State Help To Pay For Ringing Re-Build
- As School Opens, Progress On Ringing Rocks’ Project
- Surprise Enrollment Spurs Demographic Interest
- District Assembles Ringing Rocks Planning Team
- District OKs Architect Negotiations
- Consensus On Ringing Renovations: $16M
- Ringing Rocks Proposals Aired Tuesday
- Ringing Rocks Re-Examined April 14
- Pottsgrove To Trust-But-Verify On Ringing Plans
- Ringing Rocks Plans Take Another Step
- No Shortage Of Ideas At Pottsgrove Meeting
- Weigh In On Pottsgrove Renovations
- Framing The Rocks Discussion
- Response Mixed To Pottsgrove Improvements
- District Invites Public For Study Results
- A Different Rocks, But Only As A Concept
Photo from Clipart.com
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