Interest rates remain at near historic lows, and constructions costs are rising. Passing a bond this year means the district can take advantage of low bond rates and commence construction before costs inevitably go up. If we postpone the bond, or if it fails to pass, we can expect construction costs to rise every year by 10 percent.
These factors take into account the time value of money. By acting now, we ensure better educational facilities for our children and we minimize the impact to taxpayers. If we do nothing, we cannot move forward with a responsible plan to rebuild, remodel and revitalize our schools. Instead, we will be forced to rely on ‘bandage’ fixes and a capital project time line that requires our schools to last more than 150 years before being rebuilt. What costs $184 million now will cost more than $240 million in just a few years.