Hubble school price tag nearly $58 million

A new school at old school prices is what Wheaton Warrenville Unit District 200 residents are poised to vote on in February.

Construction experts put the price tag to build a new Hubble Middle School in Warrenville at about $50 million Wednesday night. That doesn't include the land, which will add another $7.6 million to the price tag.

In other words, if district residents agree to pay a grand total of about $58 million on Feb. 5 ballots, they'll get a new Hubble.

The way residents will most likely pay for it is by the district maintaining the same tax rate it currently puts on tax bills to retire debt. Roughly 44 cents of the district's $3.87 tax rate pays off bond debt.

Taxpayers pay $3.87 for each $100 of equalized assessed valuation on their property to the school district.

Normally, that 44-cent portion of the tax rate decreases every year. However, tax bills still increase because the value of property in the district increases every year.

District 200 board members appeared to favor a Hubble payment plan on the $58 million that would keep the 44-cent portion of the tax rate at 44 cents instead of letting it naturally decrease.

In other words, to build Hubble, voters must agree to let their tax bill increase even more than it normally would because they won't see the same offsetting decrease in the school district's tax rate.

The impact would be felt for the next 14 years while the district pays off the debt and $44 million of interest costs.

However, there may be some earlier tax relief. If the school board decides to sell the current Hubble Middle School property in Wheaton, that money would help pay off the $58 million. How much of a help it would be is still an unknown. The district is currently having the Wheaton Hubble property appraised.

The school board will finalize the dollar amount and wording of the February referendum over the course of its next few meetings.