2006 Referendum in Brief - November 7, 2006

$23.5 million(M) referendum
A single question with three parts

Build new, 650 student elementary school in Linden Park — west of Hwy M

Relieves overcrowding in growing, west side schools
Follows recommendations of Memorial-West task force See task force report
$17.7M construction cost means about $16.15 more per year for 20 years for owner of average-priced home ($239,400)

Move financing for Leopold School project from underneath revenue cap

Project = new cafeteria/kitchen and convert current cafeteria/kitchen into classrooms
Leopold at 107% capacity, and more students projected
If referendum fails, further program/service cuts may be required
$2.76M cost means about $3.17 more per year for 16 years for owner of average-priced home

Move the refinancing of $3.1M from underneath revenue cap

Will reduce budget cuts by average of $516,000 per year for 6 years
Loan consolidation means better interest rate, saves $97,000
Revenue cap relief means about $9.89 more per year for 6 years for owner of average-priced home

Total cost

For owner of average-priced home ($239,400), 2007 property tax impact is $29.21
Actual tax impact will vary based on property's assessed value
From 1996 to 2006, school property taxes on average-priced home have increased less than 1% ($14) while average priced-home has increased 80% in value

The day to vote on this referendum is Tuesday, November 7