Nov. 3 is prominent on many’s minds — but it’s especially important for voters within the Cold Spring School District.
The Montecito district’s board is asking to sell $7.8 million in bonds to pay for improvements to its elementary school building. The initial budget presented in February estimated $9.8 million.
Voters will decide the matter when they cast their ballots on bond issue L.
The project includes: replacing two portable buildings with three permanent classrooms; constructing science, technology, engineering and mathematics and maker laboratories; building one or more art classrooms; and renovating the library.
The measure also seeks many updates and infrastructure upgrades to bring the 126-year-old building to modern standards. Furniture and technology would also be purchased and included in the $7.8 million estimate. A portion of the budget is dedicated to adhering to social-distancing guidelines.
The bond issue needs 55% approval to pass.
Property owners in the district can expect a tax of $14 per $100,000 assessed value for the first five years. Then the rate drops to $13 per $100,000. The median value of housing units in the district is more than $2 million, according to the 2018 U.S. Census.
The bond is expected to be paid off by 2052, according to the district’s best estimates.
The promises come alongside a disclaimer that the project may expand beyond its control. The scope of renovation includes repairing and replacing plumbing, electrical, heating and cooling systems and fire alarms. A contingency is built into the estimate.
Board members introduced the bond issue in August 2019, and the board voted unanimously June 22 to order the bond election.
Meanwhile, the Cold Spring School District is among districts and schools that have applied for waivers from the state to allow students back on campus for in-person learning.