Board Approves Schematic Design for New Elementary School
As final negotiations wrap up on the property in Lytton Springs, the Board of Trustees was presented with and approved the Schematic Design for the New Elementary School. 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.
As design wraps up for the additions and renovations to Lockhart High School, the District has also agreed to terms on a site for the new elementary school. With respect to the High School, advertising will begin in the next couple of weeks for pricing of the various trades for the complex project. The goal is to have a Guaranteed Maximum Price for the Board to consider at their April meeting. Construction should begin shortly thereafter.
With respect to the site for the new elementary school, consultants have begun the due diligence phase of site acquisition. Surveys are underway; environmental considerations are being evaluated; traffic impact will be scrutinized, etc. The design team is continuing with design, and it is expected that construction will begin in early summer.
Board Approves LHS Design Development
At the December 15, 2014 meeting of the Board of Trustees, members were presented with and approved the final Design Development for the additions and renovations to Lockhart High School. A copy of the presentation can be accessed through the following link.
Board Approves Interior Finishes
At their December 15, 2014 meeting, the Board of Trustees were presented with and approved interior design finishes. Various color schemes and materials were shared with the Board, including natural stone, wood, metal and brick. The following renderings illustrate proposed interior designs.
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|