Building the fifth-eighth grade wing of the new Park View School would require county commissioners to pass a tax increase.
The Putnam County School Board and County Commission discussed funding options for over an hour in a joint work session Monday night. The price tag for the middle school section of the school stands currently at some $20 million.
As the evening concluded, newly elected Commissioner Terry Randolph asked if the county funded about $15-16 million for the wing, could the school system cover the additional $5 million needed. School Board Chair Lynn McHenry said the answer is very likely yes.
“We would love to add this 5-8 and this additional $15 million plus and be able to finish that, but we can’t do that without your help.” McHenry said. “That’s the bottom line.”
McHenry said that the meeting was meant for information purposes only, and the school board was not requesting the funding. McHenry said the school system’s $5 million could come from money set aside for a new VITAL facility.
Mayor Randy Porter said borrowing the $15-16 million would mean at least a four cent tax increase.
The original bid for the entire school came in at $60.4 million. The school system only has $44.6 million for the project, so the school board decided to cut the 5-8 grade wing leaving the K-4 project that is moving forward. The funding comes from a bond the county commission approved last year.
However, McHenry warned commissioners that the $15 million is assuredly going to rise the longer it waits.
“The sooner we can do it, the cheaper it would be,” McHenry said. “Also we talked to the contractor to how that would work. If they are on site and still working and we fund this 5-8 wing, it is going to be cheaper.”
Porter said the county’s current debt will not start to drop off until five more years.
“2027 is when your debt service starts to drop off,” Porter said. “Right now, you’re looked in at the $18.5 million per year on bond payments until 2027. Then it drops off to $15 million.”
At the conclusion of the meeting, Commissioner Dale Moss said the discussion needs to be added to the next county commission meeting.
The post Putnam BOE And Commissioners Work On Funding Options For Park View appeared first on News Talk 94.1/AM 1600.