Great Neck Residents to Vote on $85.9M Bond Issuance

Residents located in the Great Neck School District should have Tuesday, Feb. 14 marked into their calendars for two important reasons: it’s Valentine’s Day and the day they will vote on a $85.9 million bond issuance.

Residents will be able to vote from 7 a.m. to 10 p.m. at the Baker School (for those living north of the LIRR) and at South High School (for those living south of the LIRR.)

The bond issue looks to renovate and enhance aging buildings throughout the district. For more information on specific renovations, visit the district’s Bond Issue Newsletter.

The bond issuance will have the following tax impact on select fair market value homes:

(Class I home market valuation— additional annual cost, cost per week)

• $500,000— $157.50, $3.03
• $750,000— $236.25, $4.54
• $1,000,000— $315.00, $6.06

The existing bond issue costs $124.31 annually for a Class I Real Property Taxpayer with a home valued at $750,000. The proposed bond issue will add $236.25 to that cost, the district reports.

In this bond issuance, the creditor-lender would lend money to the district over a 20-year period. The construction is expected to take three to four years and will mostly be done during the summer to minimize disruption to students. The construction would start in the summer of 2018 and be completed in the summer of 2020.

The district would repay the loan in installments over that period of time. The district will receive State building aid from less than 10 percent of approved capital expenditures, the newsletter says. The bond issuance will also not have an affect on the tax cap for the first few years. The 2019-2020 school year will see a slight increase in debt service and the years 2020-2021 and beyond will see larger increases, the newsletter reports.

For information on bond issue voting and absentee ballots, call the Office of the District Clerk at (516) 441-4020 on school days from 9 a.m. to 4 p.m.

File photo