What is being proposed?
The referendum is broken into four main components:
- Transportation Education Center Construction
Our plan calls for spending $29.8 million to create a new Transportation Education Center to train current and future generations of technicians and drivers in the transportation field. We will build a facility sized for the modern equipment used today and combine our programs in one facility to increase collaboration and efficiency.
- Emergency Service Education Center Expansion & Remodel
Our plan calls for a $9.5 million expansion and renovation that will better prepare graduates and local public safety professionals for service to the community. This will allow for enhanced opportunities for continuing education for emergency service agencies and extended opportunities for community education courses.
- Manufacturing Education Center Addition
Our plan calls to spend $3 million on the creation of an Automated Fabrication Lab space and an area for a laser cutter for welding fabrication. We will update the current space to include a new computer lab and modernize the facility to meet current industry trends and standards.
- Additional Campus Renovations & Expansions
Create, remodel, and update spaces to modernize and solidify the learning environments for our students and provide safe campus locations for continuing education opportunities in our communities.
What is the long-term tax impact?
Similar to a mortgage payment for a home loan, the College would borrow to complete projects over the next three years and the tax impact over the next 15-20 years would be reflective of the amount of these borrowings. The projects assume multiple borrowings amortized over 21 years using planning interest rates of 3.75% - 4%. Estimated impacts are based on 2018 Equalized Valuation (TID-OUT) of $24,723,807,042 with no annual growth thereafter.
The borrowing would not exceed the amount proposed in the referendum question of $48.8 million dollars which would be spread over the 11-county district resulting in an estimated $13 per year ($1.08 per month) for each $100,000 of property value.
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