Due to an increase in New York state building aid, the cost of the bond proposed by the Board of Education will be decreased for Rockville Centre taxpayers if it is approved.
The original estimate was that the bond would cost the average household just under $200 a year for the life of the bond. But according to Assistant Superintendent for Business Robert Bartels, the new number is $128 a year. The average Rockville Centre home is valued at $532,000.
Bartels said that part of the reason for the decrease was the assumption that the bond would be split in two after the vote. “We’re allowed to amortize new construction over 30 years and the renovations would be spread over 20 years,” he said. “So we take $20 million for the new construction and spread that over 30 years and use a 4 percent interest rate. The other $25.9 million, over 20 years, we’d take at a 3.5 percent interest rate. Those rates are provided to us by our financial advisors, and they’re based upon interest rates being obtained right now.”
The $45.9 million bond includes building expansions to South Side High School and Watson Elementary School, air conditioning for every classroom and replacing the high school field with artificial turf and adding new lights, among many other projects.
The bond referendum will be put to public vote on Tuesday, March 19.
Taxpayer bond cost
Assessed home value Increase due to bond
$ 400,000 $ 97
532,000 (RVC average) 128