Chapman Schools
Bond Issue
Passes Overwhelmingly
2009
The overall cost to the property owners and property tax payers in the school district is estimated to be 8.2 Million Dollars over 20 years. The School Board voted to put this on the April 7th Election Ballot.
What does it mean to the average patron? What will it cost and for how long?
Stats
Date of Ballot April 7th, 2009
Amount 8.2 Million
Scope 3 Schools and Education Center
Mil levy Increase Approx 6.8 mils
What does 8.2 Million dollars buy for the School District?
The overall estimated cost to replace and rebuild the district is 75.1 Million Dollars. This includes construction costs associated with rebuilding the damaged portion of the High School, a new Middle School, a new Grade School and a new Education Center. It also includes site demolition, preparation, land acquisition, and furniture, fixtures and equipment.
How can the district only ask for 8.2 Million and replace damaged and destroyed structures that will cost over nine times as much?
After the June 11th Tornado, the Federal Government declared the school district a federal emergency disaster. This allowed the district to apply for assistance from the Federal Emergency Management Agency (FEMA). Funding for this type of emergency allows the district to receive reimbursement of 75% of the cost of rebuilding the school property destroyed. The State of Kansas also reimburses the district for 10% of the costs. This means that for every 100 Dollars spent to replace damaged or destroyed structures, the district will receive $85 in compensation.
How does that work? What about Insurance Money?
As mentioned above, the estimated overall cost and work completed to date to demolish, repair and replace the facilities lost in the tornado is $75,118,404. Insurance payments totaled $20,294,714. When subtracted from the total, this leaves an estimated $54,823,690 cost above what insurance money was received. Leveraging the FEMA and State disaster aid and applying it to this amount means that the district would be responsible for 15% of that total.
$54,823,690 times 15% = $8,223,554
This is how the 8.2 Million dollar figure was determined.
How much will my property taxes increase?
The amount of property tax increase is based on the assessed value of all the eligible property in the school district. To raise 8.2 Million dollars, a bond issue financed over 20 years would need a raise in the mil levy of about 6.7 mils. The school district at his time has no bonded indebtedness. Our current mil levy is 48.372. If you own a $100,000 home, the increase would be close to $77 per year or $6.41 per month. To see how it affects home owners, farming and/or land owners. Click on the button below.
Click on a button below to read important bulletins about the bond issue.
