March Referendum Update:
Financing Update:
The School District of La Farge recently completed the financing to fund the Referendum that was approved by the community in November 2020. The District has been very fortunate to finance the project during a historically low interest rate environment. The District had estimated that the annual tax impact for the referendum would be approximately $2.24 per $1000 of property value. This initial estimate was based on a 20-year financing borrowed at a rate of 3.75%.
The actual borrowing was locked in at a rate of 1.97%. As a result, the projected impact to tax payers is estimated to be $1.80- a reduction of $0.44 per $1000 property value; or $44.00 annually for the owner of a home valued at $100,000. The difference in interest cost over the 20 year financing period is approximately $1,140,000 less than initially projected as a result of the lower interest rate.
Design Update:
The Design Core Team has been regularly meeting with HSR Associates to review the scope of the projects and fine tune the design. The design team has been verifying the existing building conditions. We are moving from early schematic planning to more refined detailed design planning. The floor plan layout has been confirmed and we are now developing the construction documents with our engineers. The process is on schedule to start construction in the early fall of 2021 as planned.
Stay tuned for more updates!