Education

By the Numbers

$285 Million Bond Question

$285 million borrowed for 40 years at 5.5% = minimum of $708 million
total by the time the debt is paid off in 2066.

The new middle school will be built for $850+ per square foot at the up
front cost and will cost $1,900 per sq ft recognizing the total cost of the
project.

This construction is 4.6 times as expensive as the High School
addition and renovation. We have no wealthy donor willing to support
this white elephant either.

If you look at 40 years with 2200 students per year in the new school,
this project costs an additional $6700 per student per year for the next
40 years just for the middle school construction. That doesn't include
the annual expense to run the whole district and educate our kids.

What does this mean for Abington and Rockledge homeowners and
businesses.

The average homeowner will pay over $25,000 for this project.
Small businesses will pay over $35,000 in additional taxes for this
bond issue.

If you are a renter, then your rent will increase an equivalent amount.

At $700 per year increase in taxes will be the equivalent of eliminating
everyone’s homestead exemption, plus an additional $200 - $500.