LOUDONVILLE — Voters will be asked this spring to pay $41 million of the cost of a new pre-K-12 building in Loudonville-Perrysville Exempted Village Schools.
The district’s school board voted unanimously during a special meeting Friday morning to place a 6.62-mill bond issue and 0.25% income tax levy on the May ballot.
(Below is a PDF of the resolution the board approved Friday.)
The tax issue aims to pay for a new, 123,000 square-foot pre-K-12 building, which has been estimated to cost a total of $69 million.
It marks the district’s second attempt to garner voter approval for the project. The district’s first attempt — a bond issue and property tax levy — failed in November, with just over 56% of voters against the tax.
Since November, Supt. Jennifer Allerding said she’s worked with community members and the district’s facilities task force to understand why the last attempt didn’t pass.
She shared a new plan to fund the building project at the district’s regular board meeting Monday. The new plan included a reduction in cost to the building project and a reduced share for voters to pay.
How much will it cost?
The total cost of the project, per Allerding, sits at $69.2 million.
Voters will be asked to cover $41 million of the building’s cost. An income tax levy would generate $4 million, and a property tax would cover $37 million in bonds for the project.
The income tax would be a .25% income tax for 23 years. It would cost taxpayers $125 per $50,000 of income annually.
According to the Ohio Revised Code, the income tax would apply to “modified adjusted gross income for the taxable year.”
It would also apply to wages, salaries, tips and earnings from self-employment. Disability and survivor’s benefits, Social Security benefits and railroad retirement benefits would be deducted from the tax.
The property tax would cost real estate owners $231.70 per $100,000 of the county auditor’s appraised market value annually.
Allerding said the district would put $2.5 million of previously set aside funds toward the project. The district also plans to take out $10 million in certificates of participation.
The Ohio Facilities Construction Commission has also pledged $15.6 million to help pay for the remainder of the project.
A press release from the district Friday stated Loudonville-Perrysville Schools would continue providing updates as the May election approaches.
“This proposal is the result of the collaboration and thoughtful review conducted with our Treasurer, financial consultants, Garmann Miller — a K-12 school architectural firm — and, most importantly, our community,” Allerding said.
“We listened carefully to residents’ feedback and worked diligently to craft a plan that addresses the needs of our students and acknowledges the concerns about the cost to taxpayers.”