(Atlantic)The Atlantic School Board held a special meeting Monday evening and took action on the General Obligation Bond and Sales Tax Bond projects.
The board received an overview of the facilities project and financing scenarios from Travis Squires of Piper Sandler.
Over the past year, the district has partnered with contractors, architects, and engineers as part of its facility planning to assess its buildings and grounds. This work resulted in a 10-year Facilities Master Plan designed to guide future improvements.
A report received this summer identified an estimated $40 million in maintenance, renovations, and new construction projects across multiple campuses. The proposed work includes classroom renovations, upgrades to safety and security systems, infrastructure improvements, and a new fieldhouse at Atlantic High School.
Squires presented the board with five different scenarios, and after a thorough review, the School Board opted to fund the fieldhouse project through $18.5 million in sales tax revenue and put the remaining projects to a $22.5 million General Obligation Bond vote in November.
All school board members agreed they want to see the fieldhouse project move forward.
Board Member Gini Jordan…
Board Chair Laura McLean said they are in a good financial position.
A school sales tax bond is a revenue bond that funds school infrastructure projects and is repaid with local or statewide sales tax revenue instead of property taxes. This Wednesday, the School Board will set a public hearing date regarding the sales tax revenue. Additional details on the General Obligation Bond language and property tax information will be released as the board moves forward.
In other action from Monday’s meeting, the board set a public hearing date on Wednesday, August 27 for the High School Roof Replacement, Phase 1.
