Elmwood Park Public

Schools

Facilities Upgrade and Construction Project

2012Presentation October 16,

2012

DECEMBER 2011 REFERENDUM

DEFEATED

3 to 1

WE LISTENED!

Our Students Deserve More

• Initial Referendum project in 2003 was reduced significantly and excluded many deteriorating areas such as roofing; pointing; HS gymnasium areas

• Roof and window “leaks” have created extenuating damage at facilities, especially Gilbert Avenue School

• HS gymnasium can no longer continue to be repaired (major roof leaks; flooring; lighting; ventilation)

• HVAC systems at schools for proper air/heating must be renovated

• Projected population growth (especially from the new project on the Riverfront) will increase the need for classroom space, especially at the elementary level. BOE offices were initially established for kindergarten/pre-kindergarten areas.

• Projected growth of special needs students and the tuition associated with these students will be exorbitant. These children deserve the least restrictive environment.

• Fields are sloping due to weathering and poor drainage

• Track is unusable.

• Fieldhouse Facilities (e.g. Snack Hut; Bathrooms) are deplorable.

THE LONGER WE WAIT……..

THE MORE COSTS KEEP GOING

UP, UP, UP

HOW THE VOTING WORKS

1

1 and 2

1, 2 and 3

Question #1

Necessary Building Repairs/Additions

Roofing – Approx. 1 Acre

Gantner Ceiling and Lighting

Pointing Issues

Boilers/Hvac systems

Windows, Gutters, Leaders

Gilbert Avenue Elementary School Major Infrastructure

Repair

HS/MS Auditorium

MS/HS lavatories

HS Gymnasiums

Additional Classrooms at 16th and Gilbert Avenue

Question #2

Athletic Facilities

Question #3

High School Campus Annex

- One floor with steel specifications to build “up” in the future

- Classroom equipped with specific aides for special needs population

- The Annex would add rooms to the campus to help bring back out-of-district students and house academy classes and large lecture series as well.

- The building would “pay for itself” in approximately 4 Years if the space created makes other rooms available for out-of-district students on campus..

- More students return to a lesser restrictive environment

WE LISTENED!

What we did first

Financial AdvisorWe listened to the taxpayers with regard to the tax impact and researched the most cost effective way to Bond this project

Utilization of the BCIA (Bergen County Improvement Authority)• Assuming we finance through this entity, we can

capitalize on its “AAA” rating• selling bonds on our own would be investing with a

worse rating (B+ to a low A)• We will also be refinancing our current debt service

through this agency.• 3% bond rate• Savings to taxpayers $500,000 to $2,000,000

Let’s Talk Dollars

QUESTION 1 –Repairs to All Sites and Necessary Additions

$13,120,500

QUESTION 2 –Athletic Facilities Upgrade

$ 6,600,000

QUESTION 3 –High School Annex

$ 3,500,000

QUESTION 1 –Repairs to All Sites and Necessary Additions

$13,120,500

QUESTION 2 –Athletic Facilities Upgrade

$ 6,600,000

QUESTION 3 –High School Annex

$ 3,500,000

Question 1$13,120,500

Interest$ 6,145,550

Total Debt Service$19,266,050

Question 1 and 2$19,720,500

Interest$ 9,326,025

Total Debt Service$29,046,525

Questions 1, 2, and 3$23,220,500Interest

$10,647,050Total Debt Service$33,867,550

“Hey Dr. Tomko, how are we going to pay for this?”

If Question 1 Passes……

Referendum Construction Project $13,120,150

Total Local Share for Project$13,120,150

State Aid for Project$0

Cost per assessed household ($331,836)

Year 1$63

Year 2 - 25$124

Cost per $100,000 assessed valued $37

Question 1

34 Cents a Day

If Question 1 and Question 2 Pass…

Referendum Construction Project $19,720,500

Total Local Share for Project $19,720,500

State Aid for Project$0

Cost per assessed household ($331,836)

Year 1$92

Year 2 - 25 $187

Cost per $100,000 assessed valued $56

Questions 1 and 2

52 Cents a Day

If Questions 1, 2, and 3 Pass…

Referendum Construction Project $23,220,500

Total Local Share for Project $23,220,500

State Aid for Project$0

Cost per assessed household ($331,836)

Year 1$110

Year 2 - 25 $219

Cost per $100,000 assessed valued $66

All 3

60 Cents a Day

November 6 Ballot Questions

Governor Christie is asking New Jerseyans to vote for a higher education bond referendum in the sum of $750,000,000………..Cost to taxpayers?

Consensus says this will pass.

Of course, higher education and buildinginfrastructure is important……….

OUR KIDS and OUR TOWN are WORTH EVERY

PENNY!

QUESTIONS?