76-Year HP Resident Strongly Opposes Referendum

The following letter was written and submitted by Steve Hirsh.

I write this letter in strong opposition to the District 112 referendum. Does anyone really believe it is ok to bus hundreds of middle schoolers two hours a day in polluting diesel busses? Does anyone actually believe it is ok to locate a 2000 student middle school in the far South West corner of our lake front community? Does anyone think the plan respects the wellbeing of the least fortunate amongst us? Does anyone believe it make financial sense to borrow $200 million and pay $165 million in interest to save $4 in annual salaries?

I have lived in Highland Park for 76 years and been involved in finance since I worked a summer job at Bear Stearns in 1952. My passionate opposition is based on the fact that the risk reward ratio of this proposal is insanely out of balance. I equate this to buying a stock which has a 5% chance of doubling and a 95% chance of becoming worthless. The obvious worst case is that the referendum on the ballot passes. We spend the $200,000,000 and subsequently find out that: no family will move to Highland Park, that interest rates have gone up, that the credit rating has gone down, and that there is absolutely no fall- back position. We borrowed and spent $200 million to save 40 salaried positions and to keep our kids 2 degrees cooler on hot days. A 1% rise in interest rates will cause an additional drain of $30 million and a credit rating downgrade will do likewise. The risk of this disaster could be reduced to zero by creating a sensible two school solution from the get go. I strongly prefer a three school solution, but in order to be open minded I grudgingly admit that a two school solution could work.

Highland Park competes with several nearby lake-front communities for move ins. We need excellent neighborhood schools to sustain our viability. We already have great parks, a wonderful waterfront, the Ravinia Festival , and a vibrant central business district to attract new residents. The failure to recognize the importance of quality neighborhood schools could render Highland Park a “Has been”.