Here's the info received on the financing of the James Monroe School. They will be financing the total cost of $28,127,796 less the insurance proceeds of $9,493,934 or $18,633,862.
Debt service state aid will be on $3,876,730 ( 40% of Final Eligible costs of $9,691,825 - calculated at $143 per sq. ft. for new construction x 67,775 sq. ft.) So, what that means in English is that of the total $18,633,862 bonded, we will finance $14,757,132 or 79.2% and the state will pick up the $3,876,730 or 20.8%.
Over the 30 year life of the bonds, the principal of $18,633,862 and interest (3.72%) of $12,449,306 will total $31,083,168, which we will pay out $24,616,390 and the state will pay 6,466,778.
To calculate the average tax impact over the 30-years, they assumed no growth in the current ratables and came up with an average tax rate per 100 of 0.01168 - and on the average home assessed at $176,700, they gives you the infamous $21 a year.
Here's the breakdown of their numbers:
Here's a pic of an excel calculator that will calculate what this bonding means to you over the 30 years. Your welcome to it - just drop me a note:
Anyhoo, when you get done laughing at this whole thing, remember it's your money they're $pending without your input.