District 15 details how much new schools will cost taxpayers
Palatine Township Elementary District 15 board members gave an unofficial nod Wednesday to a repayment plan for the $130 million proposal the district wants voters to approve in November.
Officials want to build two new schools and close the district's oldest school.
An estimated 1.9 percent property tax increase would mean an additional $122 annually for a resident whose home is valued at $230,000. That amount would remain constant through the repayment period as long as the district doesn't issue any additional debt.
Thompson said the current board has no intention of issuing additional debt over the next 20 years.
The district also has more than $100 million in required life-safety improvements to do in the next five years. Thompson said the district plans to tap the $3 million capital improvement budget each year to pay for projects. Thompson said he will prioritize items that pose the biggest safety risk. Some items are "code violations that don't threaten the safety of kids," he said.
Thompson said a new calculator to determine the cost of the plan based on last year's tax bills should be on the district website by the end of the week.
Two informational meetings on the plan are scheduled for today: one at 10 a.m. at Marion Jordan School, 100 N. Harrison Ave., Palatine, and the other at 7 p.m. at Lincoln School, 1021 N. Ridgewood Lane, Palatine.