During a public hearing held prior to Tuesday night’s Plymouth School Board meeting, the project was review and subject to public comment. The school corporation aims to replace the bleachers at the high school football field, upgrade ticket booths and bathrooms, and add square footage to the Plymouth School Corporation Administration Building.
School Board President Todd Samuelson says explained the project scope must be within certain limits
“Up to $2-million, there’s no petition or remonstrance or referendum procedure,” says Samuelson. “Over $2-million up to $10-million it avails itself to petition or remonstrance if requested, over that would be a referendum if requested.”
The project is expected to cost about $1.8-million. That figure will require Plymouth schools to bond the project.
About $1.9-million will be available for use assuming the bond issuance goes to plan. The extra $100-thousand will act as contingency. The project is anticipated to take several months to complete once started.
Samuelson says there are financial requirements they must meet.
“So we have a little bit of contingency built it for fluctuation in bids once they’re received or any surprises, if you will,” says Samuelson. “If the construction summation, if you will, causes the budget to approach or exceed $2-million, the project scope would have to be reduced.”
Plymouth residents will not be unscathed when it comes to an increase in their property tax levy rates. According to representatives of financial underwriters Umbaugh and Associates, bonding the project will cost an estimated 8-cents per $100 of assessed value.
That tax increase would last for a period of three years. The school corporation has decided to utilize a financial maneuver that allows them to bond beyond their capacity under Indiana law.