Maplewood Richmond Heights School’s director of communications, Brian Adkisson, responded over the weekend to questions that have come up about Proposition K, the bond issue announced last week that the school will put on the April ballot to build a new preschool.
Here’s what Adkisson said by email:
Location: The Board is actively looking at multiple sites and negotiating as we speak. If a contract is signed prior to the election, I am certain we would share the location with our community. Ultimately we want to secure the best location for our students and at the best (lowest) possible price for our community. To divulge specific sites we are looking at would likely result in their price increasing.
Length: The tax is ongoing—not one-time. (Adkisson said he didn’t know the the exact length because he was at home for the weekend when asked.) Essentially, a bond is like a loan. The district sells bonds—in essence to get a loan—for the construction. The bond is then paid off over a specific length of time. You can learn more about construction bonds here, if you want some more information on what they actually are.
Other comments: Some of the responses (on 40 South News) are making incorrect calculations based on their property’s appraised value, rather than assessed valuation.
The bond issue reads “If this proposition is approved, the adjusted debt service levy of the school district is estimated to increase $0.15 per one hundred dollars of assessed valuation from $1.20 to $1.35 per one hundred dollars assessed valuation of real and personal property.” The assessed valuation is the value given to a property owner by St. Louis County – this is NOT the appraised value.
(Adkisson said he has requested a sample of home values and their corresponding tax change and should have it early this week; he’ll post it on the MRH website.)