OUR FINANCING PLAN
OUR FINANCING PLAN
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The District-Wide improvements included in the proposed DISCOVER 2021 Capital Project will cost a total of $68,500,000.
The District-Wide improvements included in the proposed DISCOVER 2021 Capital Project will cost a total of $68,500,000.
The majority of the project’s cost would be funded by a combination of available State Building Aid, the District’s Capital Reserve ($1,800,000) as well as a generous donation by the Hamburg Alumni Foundation ($200,000).
The maximum amount that will be borrowed is $66,500,000.
The remaining local share will be financed through the local tax levy.
PROJECTED LOCAL SHARE
PROJECTED LOCAL SHARE
The Districts “local share” of outstanding debt service for already completed Capital Projects is approximately $1,200,000 each year.
We have retiring debt service starting in FY 2022-23 which declines over a 3 year period.
The local share of the debt service for DISCOVER 2021 is structured so that it incrementally replaces the retiring debt.
Due to the financial structure of this project, their is no anticipated school tax impact until 2030-31.
SO, HOW MUCH WILL THIS COST ME?
SO, HOW MUCH WILL THIS COST ME?
Based on the 2021-22 assessed values provided by the Town Assessors, if you live in the Town of Hamburg you will see an increase of $121 per $100,000 of taxable value. Remember, taxable value and fair market value are not the same. Please see the chart below for residents of the Towns of Orchard Park, Eden & Boston.
STILL NOT SURE HOW THIS WILL IMPACT YOUR BILL?
STILL NOT SURE HOW THIS WILL IMPACT YOUR BILL?
Please see the example below of a home in the Town of Hamburg. This is a bill from September, 2020:
Looking at the example above, we see:
The Assessed or Full Market Value of this home is $215,506.
The Taxable Value is $95,900
The impact of DISCOVER 2021 on this bill would result in an increase in the amount of $116.04 (in 2030)
This is an illustration in today's dollars which may be impacted in changes in home value, change in assessed value of the township (we have 4 towns within the district, and any changes to the Tax Cap calculation)
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