But the district still has to address the safety issues in the building, Hiawatha Schools Superintendent Christine Demory said.
A 2007 state-mandated report found multiple violations in multiple areas, including the schools boiler, bleachers, electrical equipment, plumbing fixtures, floor coverings, entryways and roof.
It is less expensive to build a new facility than to repair the existing one, which was built in 1937, Demory
The district will be able to purchase the bonds which will not exceed $4 million without raising the tax rate of $5.35 for every $100 of owned property, Demory
The bonds will be tax exempt and paid over 20 years.
That will be accomplished through several measures, she
said, including using about $1.3 million of the district's $4 million reserve fund, seeking federal stimulus money and asking the Village of Kirkland for money from a tax increment financing district.
A TIF allows taxing bodies to invest in specific areas that have been identified as having physical and economic deficiencies by applying new revenue generated within the TIF district to new development or redevelopment efforts in that area for a set number of years.
Taxing entities that would have received some of that money can ask its municipality for it; Demory
said the district has requested about $47,000.
The district got about $65,000 last year.
The district also is applying for Build America Bonds, part of the federal stimulus package that allows the district to receive payment from the U.S. Treasury equal to 35 percent of each interest payment.
The program applies to new construction, repair or renovation, and is available for the life of the bonds.
While the budget projections the district built did not include BAB funds, Demory
said it "was a given" that the district would receive the federal money.
The bonds will allow the district to build a new wing on the north end of the facility that houses the district's students as well as renovate some existing rooms, according to Demory
The addition will be used for elementary students, Demory
hopes the district can break ground on the addition by October, and that students can attend classes there in the fall of 2010.
The area used now by elementary students will eventually be torn down, with the hopes of eventually having the funding to build a new gymnasium, Demory