The Centralia, Wash., School District completed the sale of $74 million in voter-approved bonds on May 9, which will give the district the funds to move forward with plans to replace two elementary schools and to rebuild Centralia High School.
Jefferson-Lincoln and Fords Prairie elementary schools will be replaced with brand new facilities.
According to a press release, a combination of factors made the bonds attractive to investors and allowed the district to lower its estimated cost per thousand dollars of property value for the project, a move Superintendent Mark Davalos said was exciting.
"Those investors see our bonds as an excellent value and this made it possible for us to obtain our financing at a lower cost than we initially forecast," Davalos said in the release.
The district originally estimated that property owners would pay $2.12 per $1,000 in assessed taxable value for 25 years under the approved plan, but now the district is able to reduce that estimate.
Taxpayers can expect their estimated cost per thousand to be $2.07 in the first year and $1.97 each year after.
"With increased appreciation in our community property value through economic development and investment in Centralia, we expect that rate will likely continue to fall even more as time goes by," Davalos said.
Now with the financing stage complete, the district has a legal obligation to invest at least 85 percent of the funds into the approved building projects within three years.
"We aren't allowed to let the money sit in the bank and draw interest indefinitely," Davalos said. "The heat is on, and we're focusing on moving these projects forward to groundbreaking and completion."
The district recently hired BCRA as the architect for the two new elementary schools and will interview firms who want to lead the design of Centralia High School's reconstruction on May 22.
In April, OAC Services Inc. was hired as the project manager to oversee the planning and construction processes.
"We are moving quickly but intentionally on all these projects," Davalos said. "The need to replace these schools is still urgent and we don't want to waste any time. We have assembled a great team of advisors and experts to guide us through the process."
The bond is the first to be approved in Centralia since 1986.
