Financing options discussed for USC capital improvement projects
The Upper St. Clair School Board learned more about financing options as the district moves closer to making decisions on which capital improvement projects to do.
Michael Bova of Boenning & Scattergood presented financing options at the board’s Feb. 27 regular meeting using a maximum cost estimate of $16 million for the capital improvement projects and an assumed interest rate of 4 percent.
Bova offered a plan for financing two series of bonds, one in December 2017 for $10 million and one in December 2018 for $6 million.
The estimated total debt service for the 2017 series bonds would be $19.551 million, equating to an estimated annual debt service of $400,239. Estimated total debt service for the 2018 series bonds would be $11.467 million, equating to an estimated annual debt service of $234,761.
Bova said having two bond issues would enable the district to phase in tax increases. If the proposed financing alternatives were adopted, residents could face a .020-mill tax increase for the capital improvement projects in the 2018-19 school year and a .011-mill increase in the 2019-20 school year.
The district is considering a new multi-use community complex adjacent to the high school stadium, which would include community and meeting spaces and ADA compliant facilities, including restrooms, concession stands, and ticket booths/entry for stadium events. The district is also considering an option to house school district administrative offices in the building.
The cost of a two-story community complex is estimated at $2.732 million. Adding administrative offices raises the cost by $2.8 million, bringing the cost estimate for a three-story community complex to $5.532 million.
The second project is a new eight-lane swimming pool as a replacement for the current five-lane pool that is original to the high school. The new pool would be in the courtyard area between the school’s arts and athletic wings. Plans call for site improvements for a drop off area and parking near the athletic entrance.
The cost estimate for the pool, including locker room facilities and seating for approximately 550 spectators, is $5.026 million. Additional costs associated with the pool project are demolition of a pedestrian bridge and new parking at a cost of $185,000, and repaving of the high school parking lot at a cost of $420,000.
Also under consideration is a second pool to be used as a diving well and warm up pool.
The final project is the addition of restrooms, concession stand, and announcers’ booth at Boyce Middle School field. The cost of the Boyce field improvements is estimated at $458,000.
USC Superintendent Patrick O’Toole said the capital projects review ad hoc committee should be ready to present their report in March.