Financial arrangements are in place for North Judson-San Pierre Elementary School’s $10 million renovation project. Bonds will be issued using the lease-rental process, in which the ownership of the property is transferred to a legally-separate building corporation and leased back by the school, with the rent covering the cost of the bond payment.
The school board recently passed a resolution approving an amended lease agreement and allowing the bond to be issued. No comments were offered during a public hearing. A similar resolution was passed by the North Judson-San Pierre Multi-School Building Corporation itself, and because the school board is appointed, the Starke County Council had to sign off on it, as well. Bond Counsel Thomas Peterson told the school board that he’s looking to sell the bonds toward the end of the summer but might move it up, if necessary, to lock in a low interest rate.
The project would include the construction of a new gym on the south side of the school, allowing the existing gym to be repurposed into additional dining space for the cafeteria, a large group instruction area, staff space, and other potential uses. The classrooms in the elementary school’s west wing would be reconfigured, and the entire building would get updated plumbing, mechanical, and electrical systems.
The project is not expected to raise the school district’s overall property tax rate, since some of the corporation’s existing debt is being paid off.
