With the final cost of Metea Valley High School almost complete, we are pleased to let you know the district has kept its promise to taxpayers. During the 2006 referendum, the district promised to restructure the bonded debt, lower the bond and interest portion of the tax bill, maintain that lower tax amount over the next 20 years, all while financing the construction of a new high school. That commitment has not changed.
In 2005, the "average" house valued at $300,000 paid $730 for the bond and interest portion of the tax bill. Today, that same homeowner will only pay an estimated $606 in bond and interest for tax year 2010. This is all in line with the district's referendum commitment.
We received news yesterday regarding the last uncertainty in Metea Valley's budget. The court determined the Brach Brodie Trust is still owed $2.7 million for legal costs incurred during the district's attempt to acquire the property near 75th Street and Route 59. This amount was within the range expected when the Eola Road property was purchased. Most importantly, taxpayers will not see a change to their tax bills from this decision.
I would like to thank the community again for their support in building Metea Valley. With the addition of 1,500 high school students across the district since the 2006 referendum, the opening of our community's third high school allows more reasonable enrollments at Waubonsie Valley and Neuqua Valley.
I guess it's good to know the final number. It's a lot of money spent with nothing to show for it though. I can't remember what they'd budgeted for this so I don't know how it lines up with the SB's expectations.
Post by southsidesignmaker on Nov 20, 2010 22:09:38 GMT -5
One can only wonder if the average 300K home which is now worth around 250K will experience even more bond and interest savings.
I only wish Kathy could have noted the total cost of this additional bond over a 20 or 30 year period. From what I recall the district was advertising the issue of this additional debt like "refinancing a mortgage on one's home".
I can only hope the district has a very good handle on net revenues going forward. As for the average homeowner that used one's home like a piggy bank I suspect many wish they had a chance to get a"do over", and not make that mistake.