PROJECT HISTORY AND MILESTONES• SSBC Reconvened December 2005• Town-Sponsored Feasibility Study Completed 2006• Meeting with MSBA to Consider Shared-Core Option October 2009• Initial MSBA Feasibility Study Appropriation June 2010• Educational Vision and Program Completed May / June 2011• Develop/Review Multiple Design Options May / July 2011
PROJECT HISTORY AND MILESTONES• Select Preferred Design Option August 19, 2011 • New Stand-Alone Middle School & High School • New High School & Renovated Middle School (Stand-Alone) • MS/HS Shared-Core Facilities • “No-Build” Option• Feasibility Study Approved by MSBA September 28, 2011• Schematic Design Submitted to MSBA December 9, 2011• MSBA Board Meeting to Approve Project January 25, 2012 • $107.7 million Project Approved • $47- 49 million Grant Authorized• MSBA Approves Scope & Budget February 22, 2012
MSBA PARTNERSHIPThe New Middle/High School Project will be the result of a partnershipwith the Massachusetts School Building Authority (MSBA)The MSBA has provided $8.4 billion towards school construction projectsin the Commonwealth over the past 7 yearsThe total Project Cost will be $107.7 million51.49% of Eligible Project Costs ($47-49 million) for the North ReadingMiddle/High School Project will be paid for by the MSBAThe MSBA Board Approved the project on January 25, 2012 and the Townof North Reading has 120 days to secure local authorization and funding
PROVIDING A 21ST CENTURY EDUCATIONEnrollment21st Century Teaching and LearningLearning Communities • Opportunities • EnvironmentTechnology Integration
SITE PLAN EXISTING FACILITIES SOFTBALL FIELD EXISTING HIGH SCHOOLTENNIS COURTS MULTI-PURPOSE FIELD ACCESS ROAD & SIDEWALK PARENT DROP- OFF & PICK-UP BUS DROP-OFF & PICK-UP
“GREEN” DESIGNWhat makes North Reading Middle & High School a “Green” School? The project will pursue a LEED “Gold” Certification• High performance exterior wall system including increased wall insulation, high efficiency windows with high thermal performance and high visible light transmittance.• Maximum daylight and views for 90% of the spaces in the building including automatically dimming classroom lighting as sunlight increases.• Management of stormwater on site for both quality and quantity.• Acoustics
“GREEN” DESIGNWhat makes North Reading Middle & High School a “Green” School?• Increased water efficiency by use of low-flow fixtures• Improved indoor air quality with use of low- emitting materials• Building products will be sourced from recycled material, supplied from regional locations, 75% of construction waste material will be recycled• Commissioning of building systems• Reduced heat island effect by use of light colored materials.
PROJECT COST – TAX IMPACTProject Cost : $107.7 millionEstimated Town Share: $58-60 millionEstimated State Share: $47-49 millionEstimated Cost to Homeowner: $700 / Year *Estimated Tax Rate Increase: 10.75%Estimated Increase per $100,000 $155* Based on an average home assessment of $450,100
SECONDARY SCHOOL FINANCINGPROPOSED HYBRID BONDING SCHEDULE • Bond $50 million, at 4% beginning 2012 • Bond up to $10 million, at 5% when neededMETHOD OF BONDING • 50 million, 25 year, Level Payment • 10 million, 25 year, Level Payment * Information provided by First Southwest
PROPERTY VALUES & YOUR TAXES Levy Limit (Proposition 2 ½) Tax Rate Impact on Average Home
LEVY LIMIT (PROP 2 ½)F/Y 12 Levy Limit $36,042,373Add 2.5% 901,059F/Y 13 Levy Limit $36,943,432F/Y 12 Tax Rate $14.38F/Y 13 Tax Rate (2.5% increase) $14.74
TAX RATE IMPACT ON AVERAGE PROPERTYCURRENT HOME VALUE: $450,100 Annual tax bill: 450,100 x $1.55/per $1,000 = $700 annual paymentVALUE INCREASES 10%; NEW HOME VALUE: $495,100 Annual tax bill: 495,100 x $1.41/per $1,000 = $700 annual paymentVALUE DECREASES 10%; NEW HOME VALUE: $405,100 Annual tax bill: 405,100 x $1.73/per $1,000 = $700 annual payment * Calculations rounded to the nearest $10.
THE “NO-BUILD” COSTThe Total Cost for a new project is $107.7 million (MSBA share $47-49 million)North Reading’s cost for a new project is $60 millionNorth Reading’s cost to “Not Build” is $50 million No-Build Cost includes: • Accessibility Improvements • Waste Water Treatment Plant • Code/Fire • Mechanical Systems: HVAC, Plumbing, Electrical, Fire Protection No-Build Cost does not include: • Educational Program Deficiencies • Modular Classroom Replacement
NEXT STEPSSPECIAL ELECTION March 24, 2012 (Saturday)MSBA Project Funding Agreement March 2012Project Design January 2012 – January 2013High School Construction June 2012 - August 2014Middle School Construction June 2014 – August 2015Demolition of HS & Completion of Fields November 2015
COST OF “YES” COST OF “NO”• $60 million local share • $50 million local share• $47-49 million state grant • No state grant• Two new schools • Renovation work completed while students are in session – difficult• 21st Century Learning needs met phasing• Science labs increase from 6 to 12 • Limited technology, no new science labs• No out-of-town relocation of students • Modular classrooms in use; replacement not part of $50 million• No modular classrooms cost• Accreditation issues addressed • Renovation work limited to maintaining accreditation