The Southeast Dubois School Board and Superintendent Rick Allen introduced representatives from Umbaugh & Associates who gave a presentation to discuss several repayment options for the school corporation project regarding the $4.5 million proposed project for a better equipped and functional facility of science classrooms at Forest Park High School .
This presentation took place during an open hearing on the proposed addition and renovations for the science classrooms.
The Umbaugh & Associates representative spoke about 2 options in consideration of project repayment based on a 10 or 12 year plan.
He spoke of the financial parameters of the proposed financing and discussed the estimated tax impacts of both options of the summary with option #1 demonstrating the estimated incremental payment that would be approximately $189,000 for the 10 year repayment and maximum payment for the proposed 12 year plan that would be $1.48 million.
The tax rate of 4.9 cents for just the $189,000 and total estimated interest over this 10 year bond would be approximately 1.2 million dollars that needs to be repaid in addition to the $4.5 million principal.
Option #2 would be same items that would be for a 12 year bond looking at about a $203,000 incremental payment above what the current existing debt is and the estimated maximum payment of $911,000 with just over 5 cents of incremental tax rate.
The total estimated interest for extending two additional years would be $1.4 million to be repaid in addition to the $4.5 million principal.
Superintendent Rick Allen elaborates on the decisions made by the school corporation board after last night’s presentation.
Allen stated that they are excited about the community support in regards to the proposed renovations.
Some of the potential partnerships include local companies that were on hand who shared their support.