Lockhart High School Ground Breaking Ceremony
The Lockhart ISD Board of Trustees held a formal groundbreaking ceremony for the Lockhart High School renovation project on Sunday, May 31, 2015, at 3:30 pm. District leadership, public officials, community members, and students joined to celebrate this milestone.
High School Project Comes in Under Budget
At the May 18th regular Board Meeting, the Board of Trustees approved the Guaranteed Maximum Price (GMP) for the additions and renovations to Lockhart High School. Bartlett Cocke, the general contractor for the project presented a GMP of $41,992,210. With a total project budget of $46,715,000, including all design fees, permitting, contingencies, etc., the project should wrap up at or under budget. Construction will begin as soon as school is out for the summer.
With approval of the Guaranteed Maximum Price for construction of the additions and renovations to Lockhart High School, construction is slated to begin as soon as students leave for the summer. In fact, activities have already begun. The contractor has moved in their project trailers; administrative and support staff have been relocated to temporary spaces; parking and traffic circulation plans have been revised to accommodate the work; and, asbestos abatement has been completed in advance of the planned demolition and renovation. This is an exciting project for Lockhart and the largest component of the 2014 bond program.
Board Approves Purchase of Property for New Elementary School
With the due diligence completed and final terms agreed upon, the Board of Trustees authorized the Acting Superintendent to execute closing documents for the purchase of property for the New Elementary School. The site, approximately 20 acres with frontage on FM 1854, is located just SW of Lytton Springs. The site will have easy access. In fact, the District completed a traffic study prior to purchase to ensure safe access and egress to the property.
The Board of Trustees was presented with and approved the Design Development Package for the New Elementary School at their April 27 meeting. The two story structure will serve grades PK-5. The efficient design includes a "Learning Courtyard", Art/Science/Multi-purpose labs, and a variety of special program spaces. The campus will initially support an enrollment of 500 students and is expandable to 700 students. The following link is the presentation given to the Board of Trustees.Design Development Presentation New Elementary School
LISD Receives PSF Certificate
Through the Bond Guarantee Program, the Texas Permanent School Fund is pledged to guarantee bonds issued by Texas school districts thus enhancing their credit rating. Bonds issued under the Bond Guarantee Program are rated AAA, thus allowing participating school districts to borrow at a lower cost. Lockhart ISD recently received its certificate. This guaranteed enabled LISD to sell bonds at a much lower interest rate than planned. As a result, the tax impact is also lower. Please refer to the related headline below.
Board Adopts Lower Tax Rate than Projected
Prior to the bond election, the District projected the interest rates on the bonds at 4.38%. Based on that assumed rate, the maximum tax rate increase was estimated at $0.3228/$100 in taxable value. The District was able to actually issue the bonds at an average interest rate of 3.859%. As a result, the Board adopted an increase of $0.2496/$100 in taxable value. This means the monthly impact to the average home value in Lockhart ISD of $89,793 will be $18.68/mo rather than the $24.15/mo projected. The chart below reflects the revised monthly impact to various home values based on actual average interest rate on the bonds.
|Net Taxable Value After Exemptions||$50,000||$75,000||$89,793||$100,000||$150,000||$200,000|
|Maximum Estimated Monthly Tax Increase||$10.40||$15.60||$18.68||$20.80||$31.20||$41.60|