Diamond Lake School could see $1.5 million in renovations
A trio of projects at Diamond Lake School in Mundelein would be the focus if Diamond Lake Elementary District 76 gets authorization to borrow $1.5 million.
Like many districts across Illinois, District 76 has applied for authorization to raise those funds through a program called Qualified School Construction Bonds. Established in 2009 as part of an economic stimulus, it calls for the federal government to pay the majority of the interest on bonds issued for qualifying projects.
An estimate showed District 76 would save about $425,000 in interest by issuing Qualified School Construction Bonds.
The money is administered by the state with a deadline of June 15, and the school board on Tuesday approved the application for the authority to issue the bonds that would not require taxpayer approval.
"We have a number of things that limit how much money can be put toward construction without going to referendum," school board President Lisa Yaffe said. "This is pent-up work that definitely needs to be done."
The work would be focused on bathrooms, the main office/library and the main gym. It is generally intended to improve safety, air quality, energy efficiency and deteriorating conditions while improving the use of space. The work would proceed as the three-school district continues to study all its facilities, with closing Fairhaven School as one possible scenario.
"With this money, we want to make sure we are doing things that won't have to be undone going forward and will be complimentary to our long-term facilities plan," Yaffe said.
That plan has not been finalized, and the board on Tuesday hired a new architect for that process.
The projects involve about $600,000 to gut the four existing restrooms and replace the floor, fixtures, walls and air handling systems and other features in a layout that meets handicapped-accessible requirements; about $600,000 to renovate the main gym, which was built more than 60 years ago, to include new flooring, windows, utilities and other features; and about $200,000 to remodel the main office/library suite with new lighting and electrical systems, plus do air-handling repairs and work in the library to accommodate technology.
"This is in preparation. No matter what we want to do going forward as a district, these things need to be done," Principal Kurt Preble said.
Colette Ford, the district's assistant superintendent for business operations and human resources, said applying for the bond program is a way for the district to take advantage of an opportunity.
A $1.5 million bond would add about $30 per year to the property tax bill of the owner of a $300,000 home.
However, in three years, old bonds will be retired and the district would essentially be debt-free, according to Ford. At that point, tax bills would drop by $320 per year, she added, assuming voters don't approve a tax increase in the interim.