001of education meeting. Can I have a roll call, please? >> Mr. Cerrone >> here. >> Dr. Martin here. Dr. Mario >> here. >> Dr. Pock >> here. >> Miss Robinson >> here. >> Miss C here. Miss Wenma >> present. >> Okay, let's uh stand for the pledge to the flag of the United States of America and to the republic for which it stands. One nation under God, indivisible, liberty and justice for all. Oh, wait. No, no, I didn't. All right. I'm still relatively new at this ro. All right. We're going to uh agenda item 4.1, approval of uh building administrator contracts. Can I have a motion, please? >> I make a motion to approve the building administrator contracts as discussed and presented. >> Second. >> Dr. Pock, >> I. >> Miss Robinson, >> I Mr.
002Cerrone, >> I >> Miss Wenmouth, >> I. >> Dr. Mario, >> I miss C. >> I >> Dr. Martin. Motion passes 70. >> With that, I want to uh congratulate and invite um Dr. Mitchell to present one of our new assistant principles. >> Good evening, board president Terrone, Vice President Dr. Martin, members of the board of education, and superintendent Dr. Kilgotti. Th this is the recommended candidate for our bed AP at South Berry and Wolves Crossing. Christina Lewis is the recommended candidate for the split role. With 15 years of administrative experience, including roles as principal and assistant principal, she brings extensive expertise in special education, MTSS, school improvement, and serving as LEA and IEP meetings. Christina Holes, a director of special education endorsement, LBS certification, and all required administrative and teaching credentials. Please join me
003in welcoming Christina Lewis. >> Thank you, Dr. Mitch. >> All right. Uh, agenda item uh 5.1, public comment. Do we have any public comment today? >> Yes, we have four. >> Okay. Um, on behalf of the board of education, I would like to thank the public for attending tonight's meeting. We value the feedback we received from our members of the public and encourage everyone to take an active interest in their public school system. Individuals interested in speaking to the board this evening are asked to have completed a comment card and presented it to the secretary to the board. When the secretary calls your name, I ask that you come to the microphone, state your name for the public record, and provide your feedback. Please note that comments comments are limited to five minutes per person.
004The board does not participate in discussion during public comment. Comments should address the board of education as a whole and not be directed to an individual board member, audience or staff member. Follow up on your questions or concerns may be addressed by administration through the contact information provided on the comment card. Thank you. >> Um Mr. persona. >> So, we ask that you come to the uh the table here. Um take the mic so the public can hear you. >> Good evening everyone. Um so my name is Pasnukumar. Um I'm coming from Wolf Pro uh which is the brand new one. Um so I have a concern which is being raised uh from my community on behalf of almost 60 students uh which we have up to middle school uh middle school going kids. Um
005so we have put forth our concern with uh the transport which has not uh been available to us from the uh calendar year. So we shared our recommendations and we shared our concerns uh with respect to the bridge which has been newly constructed. Uh I'm a new uh to uh Illinois. I came from Pennsylvania. So when I bought this house, I've been told like, hey, you'll be getting a bridge and you'll also have an intersection. You'll be getting a school transport irrespective the bridge which has been constructed. So I was with the hope of getting like a transportation because I go to uh I come into my office, my wife is a homemaker with another kid. So with all that said, we shared our recommendations and we shared our concerns. But we came to know
006that uh this fall under safe safety guidelines from the city and city of uh Aurora. Uh but there is no transparency of what has been assessed on what grounds it's been eliminated on the free transport. So we want to know um and we kindly urge and request that if the city and the school district can do a re reevaluation along with the principal and let us know what are the safety factors which we are missing because we think there are various safety concerns like the bridge the height the safety rails which are not meeting according to our standards but we are not the experts as you and the concern team might be letting us know. Uh and there's also new construction, lot of lot of construction vehicles going on. There are no uh uh speed
007bumps, there are no safety uh guardrails near the bridge. It's a high uh bridge. So there a lot of concerns. Um so that's our kind request. Um so we would like the respected team to let us know what we are missing because we as a new residents in this community almost 162 uh single family homes. Uh we feel that our kids may not be safe especially during winter and uh it it might have a psychological trauma for us to make sure our kids are safely crossing the bridge and we might not be knowing like what dangers and concerns because there are also wildlife like coyotes and other things and there's a corn field which the kids need to cross. So there are various concerns and factors which we have given. Um so that's our concern
008and we would kindly urge the team to let us know how you can uh try to help us. >> Okay. Thank you. >> Thank you. Yep. Yeah. It's um >> it's one way communication in this uh instance. Good catch there. >> Katie Hyman. >> Good evening everybody. Uh good to see you again. I just wanted to touch base on your agenda item tonight. I know you'll be voting on the future development with the partnership with the village and SD308. I would really like it for you to put it on your to-do list to make sure that our SD308 students are taking part in building that development. We've talked about it for years now about strengthening our CTE classes and students. You could have asiggo east students bust to OS. OS could literally walk across the
009street to the development. It's a stones throw away. So, I'm just asking you for the future of our trades department, for the future of our students, if you could create some kind of relationship with the village and yourselves and Cordigan and Clark and JTE to put it in the amendment somewhere. There's got to be a way to create some kind of internships or apprenticeships for SD308 for a direct path with the college and career readiness that you guys are talking about. So, I just I ask if you could please put that on an agenda item for a future meeting. Thank you so much. >> Thank you, >> Pasana Kumar. Okay. It was just filled out twice, so I didn't know if >> Okay. >> Oh, okay. >> Michael Reynolds. >> Hello. My name is Michael
010Reynolds. Um, I'm here tonight about uh guys's proposal, which you guys plan on doing with the Trober Junior High, the old Trober. Um cuz I'm probably the most greatly affected in this room by what you guys are about to do cuz I live directly next door to it. My property uh boundary is directly up to my driveway and directly up to my garage in the back and I'm going to have a lot of construction traffic over the next two to three years. I'm going to be constantly cleaning up the mess. My grandmother's elderly. She lives on the same street. Most of my neighbors are elderly. They couldn't make it to this. Uh but uh there's going to be a lot of changes for us. Apparently, we're talking about 250 or so um minimal residents, maybe
011500. That's going to directly impact my street, which is sometimes a racetrack cuz police doesn't do a good job job patrolling it. Um and as you guys know, on Washington Street as well, that gets really bad. The corner's highly congested. It's hard to get in and out of as it is. Um, and we've seen the impact with 71 in Washington and now they're going to put uh Dunkin Donuts over there and a bunch of other stuff. There's rumors they're going to put um retail all the way up down 71 um behind my property which is, you know, going to directly impact me as well with the noise. I already hear the dumpsters at 4:00 in the morning when I'm going to work. Um I'm going to have cars coming in and out all day and
012night, not just myself, but the entire neighborhood. Um, as you guys know, we're in old Aiggo. I'm one of the oldest houses downtown. My house was built in the 1890s. Um, the farmer that used to own it used to hold a church off my front porch off the top of it. Um, and hold classes there as well when the school had problems. Um, so I am going to be greatly affected by this. It's going to affect my property value because I think all those rentals are going to hurt my property. When you look out the backyard and all you see is a big building and 250, 300 cars, kids out there making a lot of noise, teenagers, whatnot. I'm concerned that some of it, if they can't fill it, like they haven't been able to
013fill other residential properties in the area, is it going to become section 8? And what's that going to do to my property value? Because we've seen what's happened to Boulder Hill. Um, nothing against section 8. My wife and I are both a product of it. We grew up on the east side of Aurora. It's just renters don't take as much pride in the property as myself as a homeowner because every day I get up at 4 in the morning to go to work. When I get home, I go outside. I work on my house every day. And as you guys can go by it and see, I've took an old dilapidate dilapidated farmhouse and turned it into what it is now. A lot of pride, a lot of hard work, and now I'm worried that
014all that's just going to go to waste. Um, a lot of concerns, not just myself, but the whole entire neighborhood as a whole. The infrastructure, can it handle it? Is our water going to pressure going to keep up with it? Because my water pressure ain't that great. And I just had to have my my uh my sewer cleaned out. My grandma, same. It's real hard water down there. I just installed a heart uh a water softener. How's all this going to impact, you know, the local community? And what's all these new housing, this big apartment complex going to do with all these old nice houses? I mean, are we going to look like the cyber war pretty soon? A lot of concerns. I'm just coming the voice and hopefully you guys hear some of it
015and maybe you can uh keep us all updated and keep us in your thoughts when you guys make these decisions. >> Thank you. >> Y Moving on to uh section six report. Good evening board. Hard to believe that the school year is coming up so fast and quick. Uh know some of us some of us are already dusting off our school supplies list. Um for those of us who have children in the district, I uh wanted to touch on a couple things this evening. Uh first want to highlight some good news and invite Dr. Mitchell, our assistant superintendent for human resources to give the board a quick update on some of our highlights around our staffing because uh we want to make sure that our students um have somebody to receive them. And so our
016team has been working very hard, our principles, our our administrators, our directors to get ready for the school year. Dr. Mitchell. >> Thank you, Dr. Kilgotti. So, as Dr. Kilgotti alluded to, um the district and HR has been working diligently to fill all of our vacancies for the upcoming school year. So I just want to give you some comparative information so that we can celebrate the progress progress that has been made. So last time this year we had six building openings. This year at this time we have zero. So we have filled all of our building openings. This year last time we had seven elementary openings. Right now we have four. We had 6.5 junior high openings. Right now we have two. We had 25 related services opening. Right now we are at 19. Last
017year at this time we had 66 teacher assistant openings and we are at 14 right now. Huge celebration. >> And last but not least, this time last year we had 12 maintenance custodial positions open and right now we have five. So, the HR team and our building leaders are working very hard to fulfill all of our positions and make sure we're ready to accept students on the first day of school. Thank you, Dr. Kilatti. >> That's really cool. >> Well, I No, I appreciate all the hard work, you know, in getting those positions filled um and the continued hard work. Um but this was kind of intentional, >> very intentional. you know, this was we, you know, took these steps with our contracts to make it a more appealing place to work. Um, we're we
018definitely care about all of our employees, want this to be a great culture, um, continuous improvement, and um, you know, it's it's it's intentional. So, I'm I'm it's great to see the the fruits of that and our students will definitely benefit from it. So, >> thank you. >> And that was the first time I heard that. So, >> um I want to invite Mr. Queen to talk about uh the project as part of my report. Just an update on the uh HVAC uh system, the air conditioning system at Trober. We want to get ready that our system, our students with that heat outside. I know we're all thinking about some cooler temperatures in classrooms. So, >> yes, sir. Thank you, Dr. KGATI. Um, for those of you at home or those of you just tuning
019in right now, uh, beginning of May last year, towards the end of the school year, we lost one of our major units, an RTU unit that supports approximately 35 to 40 classrooms in other areas in the building. Uh, we researched with our architects, our vendors, any any resource that we had available to us. Um, and we came to you with train who proposed the best idea, best plan moving forward. We called an emergency board meeting where we all met in here real early in the morning on a Monday and discussed that a little bit. Um I'm happy to update you that I have spoken with Train just recently. Uh the unit is scheduled to ship on 8:14. It is so once that unit arrives, it'll take about a day to get here. They're going to
020send it through express. So once it arrives Friday afternoon, train is going to jump right on the ball and get going. When we're doing this, we're talking about lifting thousands and thousands of pounds up in a year. So, we're going to do this process over the weekend gaming towards Sunday. So, that that process is picking up, growing great. Train is really pro proven through. Just to give you a little bit of contingency, train is also going to AC this building for us during that set and the duration of the project. So, what that looks like for us is they're going to take some temporary units, set them outside, duct up over to the roof, and come in and force air out. These are going to be comparable to the temperatures that we would have with
021this new unit. So, that that contingency is is rock solid for us, and we need that because we want these kids to start the school year fresh, cool, and safe. >> Okay, that's it. >> Thank you. If you wanted to to know how live we were, we are live. So, thank you. Uh, I'm thinking there's a YouTube video with you out there, uh, showing this process. So, thank you. Thank you to your team for, uh, bringing us the details and, uh, really getting us ready and having that contingency plan. >> Speaking of contingency plans, um, we have our transportation department is hard at work finalizing its plans uh, for the school year. Uh, this has included uh, some deep analysis that the board approved regarding a hazard to study review. Um, every decision that we
022we pursued was done with a lot of due diligence and ensuring that all our areas were safe for safe passage for our students. We recognize that wherever there may be some unanswered questions or people still wondering, our team will be working our our schools team under Dr. Waller and Dr. Campbell are working with their team to reach out to families to ensure that any questions that still remain about safety and safe passage are addressed. Um, our back to school website is live. So we want to invite you all in our community uh check out our website. There you can access information about registration, school supply list, requests uh required for also required immunizations and more. Old triber uh you have heard a lot um at our last board meeting the board approved bringing this evening
023this opportunity to really initialize a formal agreement to really start to think about what does this transfer look like? What does a sale um of this property look like? Tonight is not a vote to sell the property. I just wanted it's really to initiate a formal partnership with the village and the resolution you will hear is just that there there is no final decision. What we recognize though is that this property is one that over the last many many years has been a significant um has had significant impact on our district from a financial perspective. Um and we are also recognizing that we need to ensure that we are doing full we are taking formal steps to really ensure that there's due diligence around this this whole process. We have uh two attorneys actually really
024committed to supporting this work and I want to thank the board for its direction and guidance throughout this process. Um all of our questions or any questions that come up throughout this journey um will be I would invite you to visit our clarity corner which is on our district website where a lot of times we'll have a lot of questions that come up that are sent into the community from the community or from the board. Um nothing is more important to us than to ensure that we are doing this with transparency and putting our students and their needs first uh given our fiscal responsibilities. And so that is a high priority for us. And with that, I want to invite the board to join in sharing uh because there are so many uh important things
025happening in our district. Uh we share in this uh responsibility. I want to thank the board members for sharing some of the good news. And Miss Robinson kick us off. >> Thank you, Dr. Kalgatti. Um with that, three students from Asiggo High School have achieved a high level of success at the national level. Congratulations to the following individuals for their performance at Skills USA Championships. That was awesome. Aiden Emanuel, 15th place in restaurant service. Jack Walcott, seventh place in cabinet making. And Caitlyn Thilk, I apologize if I said that incorrectly. Um, third place in baking and pastry arts. >> Congratulations. >> This is for Braden Thompson of OS participating in the cubing world championships in Seattle where he placed 12th in the 3x3 blindfold category. In fact, you may have seen the incredible video of
026him in action on our district social media page. Congratulations on the impressive accomplishment, Brandon. >> We may invite him for a demonstration. Pretty remarkable. >> It is a cool video. >> Deal with pressure. >> Yes. Doing that in front of at a world championship. >> Uh many of our elementary students have gotten to engage in maker space sessions throughout the summer months. uh whether programming ambots, constructing with blocks, or doing anything in between, these have been great opportunities for our students to exercise their imagination and learn many new skills. >> Y >> even in the summer months, our staff is dedicated to serving our students. Shout out to the SD308 staff members who recently attended the AVID Summer Health Institute in Chicago. We know the skills you learn from this event will make such a
027difference in our students lives this year and beyond. >> From now through Thursday, July 31st, all are invited to contribute to the start strong school supply drive organized by Chick-fil-A and Community Cares. Chick-fil-A asgo is collecting 12count colored pencils, 3x3 post-it notes, threeprong two pocket plastic folders, and glue sticks. All supplies will support SC308 students in need and donors will receive an offer card good for a free chicken sandwich or 8count chicken nuggets from Chick-fil-A. >> Free chicken. I know. >> But we were just talking about a little earlier. >> Two teen boys at home. They love free chicken. >> Yeah. And it was weird that it was uh you know on the on the sheet here to call out. Um, all community members are encouraged to attend one of three upcoming committee or community
028budget meetings hosted by the SC 308 finance department. These meetings will be an opportunity to learn more about the district's financial decisions for fiscal year 2026 and how they align with the strategic plan. These sessions will take place as follows. Tuesday, August 5th from 4:00 to 5:30 at Homestead Elementary School. Wednesday, August 6th from 6:00 to 7:30 at Lakewood Creek Elementary School. and Thursday, August 7th, from noon to 1:30 virtually. >> Spread the word. SD308 is hiring. We are looking for special education, teacher assistants, nurses, bus drivers, bus monitors, mechanics, crossing guards, occupational therapists, and more to join the team. To learn more about our district's available positions, please visit the SD308 website. >> Awesome. Thank you, Mr. Cerrone, and board members. Back to you. >> All right, moving on to uh item seven, consent
029agenda agenda. Can I have a motion to approve the consent agenda, please? >> I make a motion to approve all items under consent, including 7.1, minutes from the board of education meeting on July 7th, 2025, open and close sessions. 7.2, to acknowledge the foyer requests received by the district. 7.3 to approve a resolution authorizing the grant of permanent easement and temporary construction easement to the DuPage Water Commission for its Waterlink project. Uh 7.4 to acknowledge and approve the acceptance of the boundless educators initiative grant award received by the district in the amount of $75,000. >> Second. >> Any discussion? >> I just had one comment. Um earlier um we heard some numbers about um human resources and how we have um made some great progress in making sure that we have a fully staffed um
030schools for the upcoming school year. Um and 7.4 this uh grant award is going to help us continue those efforts in regards to our um teacher residency. So, I was really happy to to see that on there because I think um it's a really important program uh that can really help us great great educators that are going to stay in as we go. So, um I just wanted to acknowledge that. >> We appreciate the grant. >> Any other discussion? >> Miss C. >> I >> Dr. Martin >> I >> Miss Robinson >> I >> Dr. Pak >> I >> Mr. Cerone >> I >> Miss Wenmouth >> I >> Dr. Mario >> I >> motion passes 70 moving to item eight for information uh financial information >> okay Mr. Femi sir, >> I've shared the
031uh the financial information for the district uh for the month of May. As you can see there, we're on track as to what we expect at this time of the month. Now we're again getting close to so the uh I will bring the uh the June financial to the board in August, the second part of August. At that time we will have started a audit of the financials for fiscal year 25 and what will happen is there will be a number of adjustment but as it stands right now we're on track revenue is actually better slightly better than what we projected and expenses are right on track so there are no surprises anywhere so one thing I would like to and as far as the uh the fund balance uh made from February till May
032is the low point of the district financially. We've gotten some more money in June. We've gotten the first installment of the uh of the tax receipt in June, but of course that will be in the next month. It will show up in the fund balance in when we present the June financial at the uh February 20 uh August 28 board meeting. One thing I would like to point out is the uh CPI report for May and uh so in May the CPI actually went down from 0.2 to 0.1 10 basis point. So 12 months uh month over month for 12 months we are sitting at 2.4 million at 2.4% I'm sorry thinking about money too much 2.4% 24% over 12 months and that is significant because as we all know the majority of the revenue
033that the district gets to run the district comes from property taxes so we kind of monitor that and keep that in mind but otherwise the financial foray is on track there's nothing out of the ordinary >> you know I didn't ask this so I know you know the answer in our projections we expect like 2.1 for inflation is that remember >> uh for for this year or for >> just in general. >> So, I'm assuming you're talking about for the 2025 uh uh 2025 levy for 2025 levy, we actually assume 1.5. We're very conservative. >> Okay. >> But the way things are looking right now, more likely than not, it'll come in much higher than 1.5. >> June was 27, right? Yes. >> But the CPI that really really impact us when it comes to
034levy >> is the December 2025 CPI that will come out in January of 26. So we try to be conservative when it comes to revenue. That way we don't spend money. >> No. Yeah. Yeah. Be conservative on both sides. Right. >> Yes. Um, did you have anything else that you wanted to uh point out or does the board have any questions? >> That's it. So, which if we have no questions, the leading will be to talk about refunding of our standing bond. >> Item 82. >> Okay. >> So, with this topic, Mr. Buffy, I I think it will be important for the public and as uh Bob Loose comes up uh to really frame the position that the district the board has asked for us to take in terms of really rethinking our financial position
035and everything we do is really to make sure that we are we're moving towards greater transparency but also really fiscal prudence and making sure that we are maximizing our investments. So, and where there are opportunities to to to save. So, I'm going to set up uh Mr. Bob Lewis, who is a municipal advisor for the district. And what Mr. Lewis is going to talk about this, Sydney, is the refunding of one of our outstanding bonds. The bond was issued back in 2016. And the way bonds work is after 10 years, we have the ability to be able to refund it, which is similar to you refinancing your mortgage really. And with that said, I'm going to hand it over to uh Mr. Lewis to walk us through the uh the detailed process of the rate
036funding opportunity. >> Well, thank pardon me, thank you everyone for having me here tonight and uh at any point during the presentation, please feel free to ask questions. So, I'll go ahead and set up the conversation by looking at your overall bond and interest levy. Bond and interest uh is the principal and interest payments that you extend and collect from your taxpayers. So up here you see a graph of those payments through the final maturity in two levy year 2034. So that first year is 2024. That's the levy year for taxes collected right now to make payments due primarily on August 1st of this year and February 1st of next year. And then you'll see that you have two more years at that same amount of it's roughly 36 to 37 million. I don't have
037the exact number. And then your payment declines starting with levy year 27 for a $400,000 home. That the payment decline represents about $356. So on this slide, we have a summary of the outstanding principle. And as was already uh mentioned in the setup to uh my presentation, the bonds are callable on February 1st of 2026. And when you issue your bonds, you designate them as being taxexempt, which means that your investors to whom you pay interest do not have to pay taxes on those interest payments. So they loan you the money at a below market rate essentially. So you're given an implicit subsidy by the federal government which translates to, you know, 1% give or take depending on where you're at of reduced yield expense. Well, because of that benefit, it comes with many rules
038that have to be followed. One of those rules that that is that any refinancing of that debt that is to be designated as taxexempt has to be no earlier than 90 days before the call date. So, if your call date is February 1st of 26, you back up 90 days from there, you close on a refinancing bond no earlier than the beginning of November, right? It's usually like November 3rd or fourth depending on whether that falls on a weekend or not. Uh the amount of callable principal you have is 86.7 million on that series. So you'll notice in the table below there are seven bond series that the district has remaining. I shared with the administration that this page many years ago used to be on two different pages. The district had many more bond
039issues at one time. So, you're down to seven bond issues. And we've highlighted in yellow the 2016 bonds. And those num numbers in the yellow cells are the payments that are callable. And again, we like to talk about home mortgages often times when we're talking to boards about refinancing your debt because that's what we're most familiar with in our own personal lives. It's our home mortgage and our car payments. And home mortgages, the one the key difference is that call date. You know, home mortgage, you can refinance at any time you want. Municipal bonds, you have to wait to get closer to that call date. And you notice that most of your bonds are the series other than the series are non-callable. And that's because many of them are themselves refinancing bonds. And when they
040were issued, there was less than 10 years remaining uh until those bonds matured. And typically, if a bond has 10 years or less remaining, it's designated as non-callable for your investors. The interest rate on those callable maturities and yellow boxes is 5%. So right now in today's market, we estimate that your if you were refinanced in today's market, your rate would be around a 4.1%. So you're lowering it almost a full 1% if market conditions hold where they are today. So this uh table here summarizes what you we estimate the new bond payment would be. That's that first column of numbers. You have that one payment that's non-callable. You get to a total estimate for the new net debt service. Comparing it to the old debt service. That's what you currently have in place. Debt
041service again is principal and interest. Take the difference between those two columns. That's the estimated savings. The sum of that column is $5.6 million. That's it's going to be subject to change until the bonds would be sold if the board chooses to proceed. The present value of that is 4.5. May recall from your finance classes a dollar today is worth more than a dollar down the road. So because that 5.6 million is over a period of 10 years putting it in today's dollars, it reduces that present value basis to 4.5%. Now we look at the value of a refunding on a relative basis by taking that dollar amount and divide it by the principal amount that's being refunded and that's right just under 87 million. So when you divide 4.5 million by that you come
042to 5.2%. That's a pretty decent savings percentage is higher than you got on your last refunding. So again that's not a new interest rate. That's the relative savings as the relative to the size of the bond issue. Now the rule of thumb in the public finance industry is to try to obtain at least a 2% threshold. So when you do the math that comes up to roughly call it 1.7 million at a minimum threshold. I would want to have at least 2 million. You know the board can always again that's just an industry rule of thumb. there's no nothing written in stone that it has to be that the board of education determine uh by itself what it would like to see as a minimum of savings uh before authorizing a refinancing to occur. >>
043That that's a good point and I think a a big factor in that I'll invite Mr. F to speak to is the the amount of work and payout we give in this situation. Right. So do you want to add to that? >> No I I Dr. I think uh Bob pretty much uh covered this stuff I can I can shed light on. >> We we happen to I see a lot of conversation on the eyes there. So I want to make sure there's anything >> because we're we're we're going to be asked what our >> you know what our threshold is for students and sounds like the recommendation is about it's going to be about 1.7 million. So, we would want to save at least $1.7 million in order to proceed. And that's because there's
044there's costs involved. So, it's um yeah. >> Well, there's opportunity costs, too, because it's like, okay, you get to there and you can only get a million dollars, but you know what? If we wait a little bit longer, can we get it back to 2 million? You know, so you want to just like when you make a decision to sell some um security in your own personal portfolio. When you get to the threshold you want, you take action. You probably be certain there's a date afterwards maybe you would have got more. There's days afterwards you would have got less. It's more about obtaining what you said as your goal and making sure that when you you take action, you know, you're you're at least getting value for exercising your call option. you know, from a
045the other refundings that we did in recent history were smaller, you know, in the neighborhood of I think 10 to 15 million. So, the dollar amount was considerably smaller. You know, you're talking about a few hundred,000 on those other funings. But you would expect if that's why we always divide it by the principal amount because you'd expect on a relative basis, you should save a lot more money in absolute dollars refinancing an $86 million bond. So this shows them what your overall debt picture might look like if the refunding is similar to what was shown on the prior slide. You see the gray area in the background represents what your current payments are. So there'll be some savings in you know levy years 26 27 28. Uh but what we worked at to do is
046to smooth out the fluctuation from levy years 29 through 34 just so it's more of a level playing field in those years and you don't have another uh change like you do. Let me go back here. See how in uh levy years 20 uh 9 30 and 31 it's a little higher than it was in 32 33 and 34. So it just sort of smooths out that fluctuation in how you apply savings. And that's one of the nice features of municipal bonds. Unlike a home mortgage, you refinance a home mortgage, every month goes down by the same amount. You know, you can't sort of tailor how you want to apply to save. So municipal bonds, they can be structured in a way that achieves an overall objective when taken in tandem with your other outstanding
047funds. So this is a possible timeline of key events. So we're making the presentation tonight. the board consider approval of the parameter resolution at either an August meeting or September mean. What is a parameters resolution? So the night a board of education meets may not be the best day to sell bonds. It may be volatile that day. It could be an economic report that's being released. We always try to steer clear of the major economic reports whenever a bond issues to be sold. And so we have the boards of education approve a parameters resolution that sets forth the maximum principal amount the maximum repayment term is one of the points I forgot to mention. There's no extension of the term here. It's f finishing in the in the same year that it already would be
048if the board were to proceed. So that would be one of the parameters. It can't be any later than it currently is set to schedule. The minimum savings threshold. And then it would designate two elected officials and two administr administrative officials to sign off on the sale. It's one but two while there's four people designated. You only need one elected one administrative to sign off. That way you're getting coverage for both both levels. That way you you have point two of each. That way if there's occasion or something that come up that you make sure that there's people around to sign off. So what >> that's just at the end of that's just uh at the end of that meeting that we approve it. Correct. It's not uh or is that upon sale? >> It's
049upon sale. So it usually creates a window of time. So if the earliest we could sell would be late September, early October. So it' probably be approval and you'd hope to sell within four to six weeks of that. >> Oh, >> there' be continual updates to the board and administration. You know, as the market fluctuates, it's not like you're going to get to that week and sell it like what was it? You're going to have some idea as you get closer to what the savings like it's doing based on market conditions. And the bonds would close in November and then they would pay off the old bonds on the call day, February 1st. So, there's that 90-day overlap. Normally, we don't like that 90-day overlap, but while they're sitting there in that 90 days, those
050d those proceeds are invested in US treasuries. and you'll actually invested be invested at a rate higher than the rate you borrow at. So you you'll actually make some money during those 90 days. So it's actually advantageous to have that short escrow. Any other questions? >> So one thing that I would like to point out that is important to note is that this will actually result in savings to taxpayer. We don't get any of the money. The savings that will go to taxpayers is what will pay in interest payment to bond openers. So that is very important. So the savings from the refinancing goes back to us taxpayer. We're responsible for making the payment anyway. We don't get any of the money. What we're doing is it's an interest rate play. We will pay a
051higher rate which is what we owe when we issue the bonds originally. But since interest rate is going to be lower, we're hoping when we send it will be a savings to our taxpayer. Well, I always just like to remind the the public that basically about 20 to 25% of your the school portion of tax bill is to pay back these bonds. >> Yeah. >> And so that that part can only go to pay back bonds. So that part will be smaller as a result of this. >> So that's kind of the >> yes, >> you know, it's the way I like to think about it. >> Um, >> thank you. And the other thing I want to point out, sir, is that uh I think Bob mentioned that initially we started out with $250
052million uh in outstanding bonds and we paid that down substantially to a lower amount. So uh I just I just want that to be known that we've been paying that and that's what accounts for the bonding interest portion of the tax bill that uh you get twice a year. >> Yeah. Yeah. And the reason why the payments are still about the same is because over the years we've flattened it out because there would be one year through the roof all of a sudden your tax bill would go up $1,000, go down 600, go up another 1,500. Remember those those early years. So that's this has been a long process um and to try to help the taxpayers out as much as possible with this. Um does anybody have any questions? I have one. >> I
053have one. Uh, is there any negative to uh to the refinance? I mean, everything you've said has been a positive. There's nothing lurking in the darkness about I mean, I guess the one problem would be if interest rates suddenly spiked and we're re we're refinancing them above the 5% that they're at now, >> right? But then you wouldn't you wouldn't proceed. You know, you have you have to >> say no. >> Yeah. Yeah. This is that's where you set the minimum threshold of 1.7 million. If that can't be achieved, then it wouldn't proceed. I would hope that it would be, you know, something close to what you're seeing tonight. Although there's some time between now and then. The you know, a lot of the uncertainty that we face this year in the market is starting
054to lessen. You know, the big the big um surprise or shock to the markets was on April 2nd when the tariffs were announced. We're starting to see announcement, you know, that decision was pushed to August 1st. We heard the big announcement over the weekend that they've come to an agreement with the EU, which as a block is our biggest trading partner, you know. So, a lot of those things are hopefully eliminating the risk that rates could be higher when you get to u late September, early October because you're only talking, you know, August, September, two months of additional market risk, if you will. Does the Fed's decision on interest rates have any impact on the bond interest rates? >> Yes, it it does. But markets anticipate what Fed policy would be. They don't wait for
055it to actually happen. So like for example, the markets ant there's only like a 3% chance in the market's perspective that the Fed cuts rates on Wednesday. The markets worked in the expectation of four rate cuts over the next um year or so. So that's already baked into the market. What could cause it to change is a change in those expectations. You know, the markets don't wait for the things to actually happen. >> Paul can say something and change at all. Right. Um but uh so does anybody else have any questions right now. Um when do we lock in the rate? Like what's the earliest we can lock in that rate? >> It would be late September is late September. >> Yeah. because you have to be within about 5 weeks of your closing date
056for it to not be considered a Ford delivery bond. And the Ford delivery bond has more complications and a higher interest rate. So, it doesn't seem prudent to go through the whole process to create a Ford delivery bond when you're only talking about being less than I mean by the time the board passes resolutions late August. You're talking one month and you can sell it. >> Okay. the sooner we can lock that in. >> Yeah. >> If the savings are there, that's why. >> Yeah. Which, uh, to answer uh, Erica's question directly, we we've had a couple of refinances since I've been in the district. And what we've always done, we've always had parameters. The last one that we refunded, we waited because uh, the parameter of the minimum savings that we needed wasn't there.
057So, we waited and when it was favorable, we went ahead and did that. and we realize the savings that we need to be able to do that. So, we wouldn't do anything if we don't we don't hit that minimum uh savings threshold. >> Thank you. >> Nobody. All right. >> Okay. >> Thank you very much. >> Yeah. Thank you for having me here tonight. >> Yeah. Thank you so much. >> Um water building repayment agreements and uh >> Okay. Raphael, >> Raphael and water bill repay me. >> So you >> we found out um late last year that there was an error with the billing uh for water charges in two of our building OE and O. And uh there were two components to the uh billing error. One was from the village of Oswiggo
058and the other one is from uh Fox Metro and the amount is listed the amount for the one for the village is listed in the memo. And once we found out about it, it's kind of like when you go to a bank and you bank in the bank, one of those things that you sign up is that if they made a an error in your favor, when they find out, you got to pay the money back. It's not a windfall. The same thing goes when for example uh Nicole underbills you and then they find out that they've underbuilt you for so many months by you know by the agreement you sign you have to pay it back. So it's very similar here. So what we've been doing is we've been negotiating with the village since
059we have a much better relationship in the last couple of years than we've had before to try to reach uh an agreement that will be that will make it easy for us to be able to pay the money back. So we we propose uh having the payment stretched out over 10 years as opposed to being paid right away which they actually have the right to demand that. So we we we did it over 10 years and if you can see the payment schedule that is included uh in in the board package you see that it's a reasonable amount. I believe it's about 2,800 for OE every year and about 1,800 for which we think we can we can manage that as opposed to trying to pay everything all at once. We're still in conversation with
060uh Fox Metro to try to reach an agreement which is similar comparable and uh they're working with their board to provide the uh they say so the go ahead for them to be able to to reach an agreement with us. So as soon as we can get to that we'll bring that for to the board for approval. >> Any questions? >> Is there any interest on this payment schedule? >> No. No, >> it's no interest. >> Sweet. >> You said >> and we appreciate we really appreciate the uh the cooperation of the village and their willingness to work with us as what uh the relationships developed there's a recognition that we serve the same masters if you will the same community network. So, >> I just have a just a clarification and it was probably
061just a misspeaking. Um, you said every year looks like it's every >> that payment is every other month. Is that right? The 2,800,600. >> Uh, yes. The the payment schedule. I'm sorry. The payment schedule that we agreed to. So, to make it manageable, that's Yeah. I'm sorry. We're good. >> Yeah. >> Okay. All right. Thank you very much. All right. Thank you. >> Action item 9.1. Can I have a motion? >> I make a motion to authorize the payment of bills in the amount of 8,553,322.50 as presented. >> Second. >> Dr. Mario. >> I. >> Miss Wenmouth. >> I. >> Dr. Martin. I >> Miss C. >> I >> Dr. Pock >> I >> Miss Robinson >> I >> Mr. Cerrone >> I motion passes 70. >> Action item 9.2 res uh resolution authorizing a
062developer to submit additional development plans to the village of Asiggo to undertake the village concept review process related to the potential development of the old Trober property. Uh, can I have a motion, please? >> What you said? I make a motion to approve a resolution authorizing the developer to submit initial development plans to the village of Asiggo to undertake the village concept review process related to the potential development of the old trber property. >> Okay. I'm sorry. Somebody second. >> Second. >> Any discussion? >> I just want to clarify that this >> Can you pull your mic a little closer to Sorry about that. Um, so I just want to clarify that this is specifically just to authorize those initial development conversations and at any point we as a board if we deem this not
063beneficial to the community, to the district, then we can pull out of that decision. >> It's a great question. I'm going to invite uh the board's attorney to speak directly to this who has reviewed this. >> Hi everyone. Yes, that's absolutely correct. So, this is a multi- multi-tered process. This is the very first resolution and all you're really doing here is saying as the owner of this property that you consent to these potential developers to start the process with the village. The village, I emphasized this in our last meeting, the village has two steps in their zoning process. This is the initial one where they're going to look at this and give their initial thoughts on the project. If their initial thoughts are positive and the school board is still positive about that, you will
064then pass likely a second resolution for them to go forth with the more expensive and for them in-depth process of the uh zoning process. A third act though that you'll have to take is to enter into an agreement with the village to convey the property. But we are several steps and months away from that. This is only the very initial process for the developer to begin their process with the village. >> Thank you. In my understanding, the village process includes several opportunities for the public to to get feedback from the public to give comments and considerations and things like that. >> Yes. Yes. So, under so in the second process in the more formal zoning process, they are legally required to have public hearings. I believe that in this initial process there will also be
065an opportunity for members of the public to speak to the village about their concerns, thoughts about the development. >> Yeah, it appeared it's going through a concept review at the planning and zoning um going to go to the village. Um then if that concept is if there's you know uh desire to move forward from there then they're going to have another >> planning and zoning um and then another you know village um and then we would be involved throughout that um you know I read here in the agreement the board is no way obligated to appro to approve such second resolution to convey the property to the village or the developer if the board determines such conveyance is of best interest. So if we get new information with the master facilities plan, if there's anything
066uh there is definitely possibilities there. Um did anybody else >> question? Yeah. Is it is it appropriate to go off the decision-m process of it's our duty to decide if uh conveying this property to the village is in the school district's best interest not the end result of what the property becomes has nothing to do with in the purview of the school district. >> Yes, that is correct. >> Could you clarif you said yes. I'm sorry. So your your job as the school board is to make a determination if convey if you no longer need this property and if it's in your best interest to sell it as far as the development goes and the development process that is the village's decision as far as making zoning approvals. >> So when if it comes to
067the point where the village has decided they want to do this project this way and we disagree with it as school board members. It's not our position that we should be voting on the eventual outcome. It's more of should we be depos disposing of the property. >> That's within your before you sell the property. That's within your discretion as a board member. >> Okay. Yeah. I would say that that could come into our our thought process. >> So, we're not limited. >> No, you you are not to obligated to approve this and you're not down the road. you are not obligated to approve a future agreement with the village if the village happens to like this project but we feel it's not in the best interest our in in our best interest to convey it
068>> now I will say that the village are the definite experts at development relative to us I mean so we're not >> you know it it sounds like you have something to say potentially >> you're right on on that we're not in the property development business our c competency our expertise is the education of children we just happen to a property that we've had now for a while that's just sitting there. we we we no longer need and based on the uh the enrollment projection that we have and the current uh program need we no longer participate needing that building and to continue to spend uh limited resources that we have just didn't seem like from a financial and operational point of view is put >> and the the village has all those those processes
069>> yes >> ready you know and established. Um they work pretty well. I mean there's a lot of people that are on the planning and zoning. There's obviously elected officials, a lot of administrators, a lot of expertise um from the community as well as the administration. Um so any more? >> Yeah. No, no. This is the first time we're seeing this resolution. So I >> well so I just want to kind of piggyback off what you said and kind of just give a minute to expand on it a bit either I don't know if this is Mr. Oafme or Dr. Kgatti but can you just speak to a minute for a minute like as a district how this decision at this point in the process would align with our strategic plan and our long-term facilities
070plan as a district. So, uh, the buildings that we have right now, uh, are the buildings that we're using for programs and for education programs. And we we looked at that based on program design as well as enrollment projection now and at least 5 10 years into the future. And we never there's nothing based on the data that we have that would suggest that we would need to use that building. We haven't used it uh for educational reason for at least 8 years. And as we do our master facility planning, our concern is to make sure that the building that we have that we need that we need for our programming that we we do the capital repair to get them into an optimum space for educational use as well as health and and well-being
071of our student as well as our staff members. So if we were to divert from there as it stands right now we have limited resources to do capital projects for the building that we occupying that we using every day for instructional and program need. So to divert from that to start uh contemplating spending money on a building that we haven't used in over years, it just seems imprudent because we don't have enough resources to address the buildings that we use every day. to then say there's very limited resources that we don't even have to be able to maintain our building to start talking about. Then diverting that little bit of resources to a building we haven't used uh over the last eight years did not seem like a good idea. >> Dr. Conade, can you
072speak a little bit? He talks about the demographic study. You were just recently meeting with our long range facility planning group, the white group and RSP, who's our district demographer, about some of the projections and where we're seeing. >> As we discussed last year, our enrollment has been just shifting within the district. Um, our graduating classes are decreasing. um we've been graduating about 1,500 students, but our incoming classes have been anywhere between 1,50 and 1, um50. So, we've been just naturally losing about 400 students a year. Um but the enrollment projections from RSP is actually balanced out. So, even though we do have some new growth, um we're not seeing a significant increase in overall student population. What we're seeing is a shift around the district. Um, and that's something that we'll be um, as
073we talked last year, we're focusing on our um, special education and multilingual pro programs for this fall. And then for next fall, so fall of 26, we'll be talking and really focusing on that new growth um, and potential student assignment um, along that wolf wolf's crossing corridor. Thank you. >> Can Yeah, I think what I was going to say was just another iteration of what um Dr. Martin essentially um asked. I did have an opportunity to walk um Old Trober and just some of my concerns was the fact that it was just simply unsafe and it was hazardous, right? And so we would have to get that building to standard at the very least. And as it stands right now, from what I can recall from our um long-term facilities plan, we don't necessarily have
074any buildings that's hazardous. And so my question would be like how would this impede like that long-term facility plan, but I think that you essentially answered that and we would essentially have to do a detour and put all of our resources in this space as it is extremely hazardous just walking the building. As a matter of fact, I felt a bit unsafe and wanted to get out after a while. So, um, yeah, I think that the mass facility plan, it's a phase one indicated about 200 million, $22 million and necessary repairs. A lot of that having to do with the fact that we filled so many buildings at the same time and now all of the bills are coming due >> right >> at the same time. >> So, to do to Dr. Pock's point,
075if I if I may, the the problem with a building that has been sitting there for eight years without use, if we were to contemplate doing something about it, remember all our other buildings have been used every day. We have to hire an architect to actually look at it. We have to hire structural engineer to see what kind of structural needs uh deficiency are there for a building that has sat vacant for for at least eight years. Then we have to look at environmental study to see what kind of uh things that we used to build buildings back then that we would not ever use now and those things cost money. And we also have to budget to say if we were going to uh do the remediation, how much is it going to cost?
076And what I think is clear is it would be substantially more than what it would do to fix a building that we use every day that we've been upgrading all along. I I think complimentary and I would invite folks who are listening to join our budget committee meetings that are coming up um around the both the financial profile of the district um that that really I would say while we have worked very hard to position the district in terms of its transparency um we submitted this past year for the first time our annual financial audit um in the timely manner the way in which the is required. Um and so there are many things that we have shifted regardless there are still uh significant challenges that are facing us from a financial position. And so
077Mr. O'Bi and his team and all of our teams across the district have been working very hard to ensure that we're moving to transparency and coordination of our services. Um you've heard board many times about the uh the different uh savings we are looking to achieve through RFPs and through various uh purchase services and changing those. So I would just invite the community if you're listening to really attend those meetings to hear and to learn about the just the significant improvements that we've done to make sure that we are saving every single using every single dial as wisely as possible but also how this is an opportunity to shift this. Um the last thing I would just add is that uh in the community. There's been a couple questions people have approached me uh around
078community cares which food food uh the food pantry there is really an important part of our district's commitment to service. So number one um that is actually housed in a part of the building where initially the district had been moving to to secure and to potentially remediate but then found to be cost prohibitive. Right. So, um, it was important, but it's still in a position where they can actually do some things out of there, but the majority of the building is really not inhabitable to be honest with you. And so, what I would say is that we're very much in contact with the food pantry. In fact, the district invests uh through its uh department of equity and engagement. um I'm sorry, our former department of equity engagement, but we have an assistant director of
079engagement who continues to invest deeply um in our work and in the food pantry and it's a very important part of our initiative. So, we are deeply committed to ensuring that it continues to serve and there is no plan to change any of its services this coming fall and whatever plans might come um they are part of our community and we're not going to in any way sacrifice or put that at risk. So, I just want to be very clear and public about that. It is a part of our our thinking and our plans and we have time and we will be prepared to support our families in need this coming fall for what they need. I do have a question going back to the Troberg building. Um given how long it's been vacant and
080obviously being a new board member, how hypothetically have we even taken opportunity to see how much it would be to do an architect and so forth on and if we could revitalize the building? Have we looked at that opportunity and to see the cost? And then my second question to that, have we connected with the community? because I would believe that there would be resources financially to support should there be something that the community agrees to for our kids. So we and as I mentioned earlier, we have uh financially as it relates to capital projects, we are very strapped financially to be able to to be able to even maintain the buildings that we are. We have about 23 buildings that we use every day for instruction for our kids as well as for educators.
081And the majority of those buildings were built at the same time. They showing their age now. Uh RTU which is the cooling system need to be replaced. HVAC system needs to be replaced. We have uh uh building automation system. So with the limited resources that we have or capital projects, what we've been focused on is trying to get the buildings that we use every single day going. That's what we've been focused on. we haven't had the luxury of of of looking at using that limited resources to to figure out how we fix a building that we haven't used in eight years that we are not using now. So in making the decision the opportunity cost of making a decision as to where to invest limited resources on a building that we haven't used in eight
082years or on buildings that we use every day that needs TLC. We've just focused that limited resources on making sure that the buildings we need every day gets the repairs that they need to make them habitable. >> Can I just add I when they a long time ago we tried to sell it and a uh church wanted to buy it and they were going to do the work and they found out if they did any renovation they would have to redo the fire systems, the sprinklers. There's probably ADA compliance things that would have to be upgraded. Um, I would guess it's in the millions to get it functional to be inhabited. And that's without opening all the walls and configuring it like you would. I I just >> there was I I can't remember which
083project it was, but it was uh it it ended up being cost for HIPPA for an outside company. I can't remember. You probably remember >> a resurrected church. Yeah, I think it was the church that one. >> Yeah, Resurrection Church, I believe it was through Clubber. >> Yeah. And that was just to make it safe, you know, that wasn't uh and so um and as far as the community aspect part, um a lot of what the community wants and we have dug up through the kind of through the strategic planning as well as the mass facility. Um and then there's further opportunities for that as well. I don't know if um you want to elaborate there's more uh kind of what are we calling it the mass facility >> the steering steering yeah the feedback
084>> so that's another opportunity so there's still opportunities for people to and that's really that's literally the whole point is to see what the community expects from it facilities so yes it is >> so the long range facility plan is a pro is a process by which the community will have an opportunity to weigh in on if you had a $100, where would you put your $100 in terms of spending to fix things, right? So, do you want the the the building of Boulder Hill fixed? Do you want to invest it all in this property over here? There are essentially the development of an understanding around after doing the full review of all the needs of our facilities. And then on top of that, here are some additional things we want to do with our
085um with what's coming our way in terms of financial um possibilities. Here's what we want to consider in terms of building or in terms of repair. Now, what I would say is so we're going to have public notice and we'll invite the community, we'll invite the our schools to be a part of to your question about community engagement. Um, which is why the board's attorney really laid out that tonight is really this RFP came out of a desire. There were community members who were extremely interested in using this property. And so what we identified as a more fair public way to ensure that everybody had access to this opportunity to make it uh to do an RFP and invite the community to participate in this RFP process. Anybody was welcome to do so. And so
086what I would say is that that that was one aspect of identifying usage for this property. What is very clear is that there are emerging lots of structural uh needs but also hopeful needs in terms of things that we want to improve. our turf fields, um the way in which our athletics programs are, um the collaborative spaces in our classrooms, all of those need to be considered as well as life safety issues. And so that is still going to be part of our plan. None of what the board takes a vote on tonight in terms of the resolution impacts that plan, nor does it take away from any opportunity the board has to say these two need to come together. Right? So if the if the board said you know what we need to move
087in a different direction that's still a possibility tonight just says as part of the RFP process we want to make sure that we're working with village partners. Brian, did you want to clarify anything or I think Okay. Okay. >> And can I just make one one last comment because the community at least at this point in time is referring back to the prior to the prior offer that was a few months ago. Um I think the diff there are several differences but I think the main difference people forget is that this will not c this will relieve the school district of um of a burden as opposed to the other project which would require an investment from the school district of several million dollars that we really don't have. So um I just I just
088want to bring that up. um you know we would like to make all these improvements but as Mr. Robi keeps saying um our funds are our funds are very limited. So there's a there's a huge difference between these two. >> Well, yeah, not only not only that, but there's also projected revenue on the the idea is is that we would get that immediately. We wouldn't have to wait until the the end of the the tiff. Um so, >> but that's not a guarantee though, right? That's something that we can that's something that we can demand. Yeah. In our am I am I right? That's something that we would work out in the final agreements. >> Right. I mean where we >> are going to end up is ending up to with a real estate agreement
089with the village. >> Correct. >> Which will contemplate compensation for the school district. >> Yeah. That's kind of one of the big >> Right. And then the the resolution contemplates that if you don't reach that with the village, you can back out. And this is all conditioned on the school board being confident that we have a we have uh sufficient financial terms related to the conveyance of the property >> and the the uh those are some important things that we need to talk about because as it stands right now, we spend money to keep the building. We haven't used the building in at least eight years. Now, if we the the deal we're contemplating, there are no guarantees that it will go through, but at least we're taking steps at doing something that has the
090potential of yielding uh revenue for the district. So since the property is located in a tiff district, what that does is and the village also confirmed when they were here that the property was designated a tiff district in order to help the district when the time comes to do development in the district in the with the property. The benefit of having a tiff is that their the incremental funds that can be applied to was a project development and during the time when the tiff is in place too their revenue sharing agreement that we can negotiate with the village whereby we get uh residual revenue as the property is developed and goes on the tax role. That's that's one thing and we also talk about the possibility of revenue that acrews from the development itself. One
091set of revenue will be the increment that will come from property development. The other set of revenue will be the revenue that comes from the development of the property itself. So we're looking at a potential for two sets of revenue for something that currently serves as a financial drain on the district. So the first year is projected to be 700,000 in in tax increment and that grows as the value of that property go grows and when that tiff sunsets we should be in about 2039 to 2040 all that growth then goes back on the tax and what it does is it lessens the burden on the the community members who are paying all the taxes in this community because you're talking about additional 700,000 and after about 13 or 14 years of that tiff uh
092sun setting. It will be a substantial increase in the value of the property if this project goes through that will and we all know the more that is paid for commercial development. Then there will be less that we will have to contribute all things being equal from residential property owners to property bill uh for the tax bill. And as it stands right now, 80% of our tax base comes from residential property homeowners. So the more we can our property uh commercial property development in our tax base makes the less burden it will be on on homeowners contribution to the property uh tax payment. >> So you you you're saying commercial. So in this context, is it because it's rental? it will any any property that is multi-unit is considered for for assessment purpose as a
093commercial property. >> Okay. >> And also since it deres income as opposed to the developer living there is considered commercial. So the whatever the uh the uh the property generates in revenue is what is used to determine the uh the assessed value of the property. Okay. Well, that was great discussion. Is there any any further? >> Okay. >> Miss C. >> I. >> Dr. Martin. >> I >> Dr. Mario. >> Hi. >> Dr. Pock. >> Hi. >> Mr. Cerrone. >> Hi. >> Miss Wenmouth. >> I. >> Miss Robinson. >> I abstain. >> Um, motion passes. Six um eyes and one abstension. Okay. Moving to action item 9.3, approval of copier machines and maintenance services vendor. Can I have a motion, please? >> I make a motion to approve and award the copier machines and maintenance
094services to RICO for a 16-month term. >> Second. >> Any discussion? >> Dr. Pak. I >> Miss Robinson >> I >> Mr. Cerrone >> I >> Miss Wenmouth >> I >> Dr. Mario >> I >> Miss C >> I >> Dr. Martin >> I >> Motion passes 70. >> Uh action item 9.4 approval of 202526 facility rentals and student fees. Can I have a motion please? >> I make a motion to approve the 202526 facility rentals and student fees as discussed and presented. >> Second. Miss Wenmouth I >> Miss C >> I >> Mr. Cerrone >> I >> Miss Robinson I >> Dr. Pock >> I >> Dr. Mario >> I Dr. Martin >> I. >> Motion passes 70. Action item 9.5 approval of inter intergovernmental agreement with Asiggo Fire Department. Can I have a
095motion, please? >> I make a motion to approve the intergovernmental agreement with the Asiggo Fire Department as discussed and presented. >> Second. >> Any discussion? >> Okay. >> Mr. Cerrone. >> I. >> Miss Robinson. >> I. >> Dr. Martin. >> I. Miss C. >> I. >> Dr. Mario. >> I. >> Miss Wenmouth. I >> Dr. Pock. >> I. >> Motion passes 70. Action item 9.6. Approval of board protocols. Can I have a motion, please? >> I make a motion to approve the board protocols as discussed and presented. >> Second. >> Any discussion? >> Miss Wenmouth. >> I. >> Miss C. >> I. >> Dr. Martin. >> I. >> Mr. Cerrone. >> I. >> Dr. Mario >> I >> Dr. Pock >> I >> Miss Robinson >> I >> motion passes 70. >> Action item 9.7
096approval of English 4 perspective novel. Can I have a motion please? >> I make a motion to approve Celito as an additional text choice to the English 4 perspectives course. >> Second. >> Any discussion? >> Dr. Martin >> I. Miss Wenmouth >> I >> Mr. Cerrone >> I >> Miss Robinson >> I >> Dr. Pock >> I >> Miss C >> I >> Dr. Mario >> I >> motion passes 70 action item 9.8 approval of resolution authorizing notice of dismissal of educational support staff employee number one. Can I have a motion please? >> I make a motion to approve the resolution authorizing notice of dismissal to educational support staff employer Michael Hoser. Second. >> Any discussion? >> Good. >> Miss Robinson. >> I. >> Miss C. >> I. >> Mr. Cerrone. >> I. >> Miss
097Wenmouth. >> I. >> Dr. Mario. >> I. >> Dr. Pock. >> I. >> Dr. Martin. >> I. >> Motion passes 70. >> Question. >> Thank you. >> Action item 9.9. Approval of resolution authorizing notice of dismissal of educational support staff employee number two. May I have a motion, please? >> I make a motion to approve the resolution authorizing notice of dismissal to educational support staff employee Christopher Casper. >> Second. >> Any discussion? >> Dr. Mario. >> I. >> Miss Wenmouth. >> I. >> Dr. Martin. >> I. >> Mr. Cerrone. >> I. >> Miss Robinson. >> I. >> Dr. Pock. I miss I >> motion passes 70 action item 9 uh 10 approval of personnel report can I have a motion please >> I make a motion to approve the personnel report as discussed and presented
098>> second >> any discussion okay >> Miss Robinson >> I >> Dr. Martin >> I >> Mr. Cerrone >> I >> Dr. Pock >> I >> Miss C >> I >> Miss Wenmouth >> I >> Dr. Mario >> I >> motion motion passes 70 um action or item 10.1 I have a motion to adjurnn >> I make a motion to adjurnn second >> all in favor >> I >> motion