Costs & Funding
High School Project By The Numbers
Est. MSBA Grant: | |
Est. Town Share: | |
Est. Total Project Cost: | $177.5M |
Est. Tax Impact on *average single-family home (assessed value) | ~$812-$867/yr |
*At the October 25, 2023, Board of Directors Meeting, the Massachusetts School Building Authority (MSBA) increased their Project Funding Limits Policy, reducing the Town share of the East Longmeadow High School (ELHS) Project by $19 million. This table has been updated to reflect the update.
Pool Project By The Numbers
Est. Town Share: | $16.7M |
Est. Total Project Cost: | $16.7M |
Est. Tax Impact on *average single-family home (assessed value) | $~152/yr |
*Tax Impact assumptions: 2023 average assessed single family home value = $339,811. Over a 30-year loan, tax impact will fluctuate over time, having a slightly smaller impact for the first few years. Interest rates are estimated (at 5%). Tax rate impact assumes no increase in assessed value.
Important Update:
At the October 25, 2023, Board of Directors Meeting, the Massachusetts School Building Authority (MSBA) not only approved the Scope & Budget Agreement for the Town, clearing the way for the Town vote on November 7th, but also increased their Project Funding Limits Policy, increasing the MSBA Grant of the East Longmeadow High School (ELHS) Project by $19 million. The previous $393/SF building cap was increased to $550/SF and the previous $39/SF sitework cap was increased to $55/SF, thereby increasing our MSBA grant from $63M to $82M.
With the $19 million savings to East Longmeadow taxpayers, if the proposed Project is accepted at the November 7th debt exclusion vote, the tax impact will be reduced from the previously reported ~$990-~$1,040 per year, *based on the average single-family home (assessed value) of $339,811, to ~$812-$867 per year, *based on the average single-family home (assessed value). Or put another way, the estimated tax rate impact per $1,000 of assessed value will be reduced from the previously reported ~$2.90-$3.06 per year, to ~$2.39-$2.56 per year*.
How will the High School Project be funded?
The MSBA will contribute approximately $82M to the Project from revenue raised from state-wide sales taxes. The MSBA grant contributes to the Project by focusing on core educational and operational space needs. The MSBA grant program is not designed to pay the entire project cost.
The community of East Longmeadow will pay the remainder of the project cost, roughly $95, through a 30-year bond. Town voters must agree to a "debt exclusion" to allow the Town Council to secure the bonds(debt) for the Project.
A "debt exclusion" is a temporary increase in property taxes to pay for a specific debt or capital expense, such as a building construction project. A debt exclusion is not permanent. When the Project has been paid for, the temporary increase in property taxes will be revoked and taxes reduced.
On November 7th, 2023, at Birchland Park Middle School, a town-wide debt exclusion vote will be held to appropriate the full project cost.
Please see the Pool Project website for further cost information on the Pool Project.