EASTHAMPTON — City Councilors approved borrowing for over $100 million to fund the construction of the city’s new pre-kindergarten to grade 8 school to be built on the site of White Brook Middle School.
The appropriation of $109,158,463 was unanimously approved by the City Council and is required by the state’s School Building Authority in order to cover the costs of the entire project, City Councilor Daniel Rist said at Wednesday’s meeting.
The estimated cost of the proposed 176,155-square-foot school is $109.3 million, with nearly $60 million to be financed through local property taxes. The state will finance the rest, but as Rist explained, the city must authorize the borrowing of the project’s entire cost in order to avoid any stalling of cash flow.
“This is an important, critical project for the school district,” Superintendent Allison LeClaire said at the meeting. “We really are in need of a new building; this can’t happen soon enough for us, so we appreciate you considering this issue.”
The appropriation will fund the design, construction, furnishing, and equipping the new school, according to city officials.
Melissa Zawadzki, the city’s finance director, said she plans on borrowing in “big chunks.” She said she is considering starting with a $10 million bond and then a $50 million bond, but as the project moves past the construction design phase, she will have more information about what is needed.
Easthampton voters approved a debt exclusion override authorizing borrowing for the new school in May.
The project’s estimated tax impact is $2.98 to $3.84 per $1,000 of assessed value, or an extra $680 to $877 annually for the average homeowner.
The city’s three elementary schools — Maple, Center and Pepin — will be turned back to the city for reuse or sale to help with costs for the new school.
Luis Fieldman can be reached at lfieldman@gazettenet.com.