Building Future: Referendum Progress
The following work has happened behind the scenes over the last few months:
Development and ongoing refinement of detailed plans for construction
Community meetings to share plans and gather feedback
Presentations to and approval by the Glenview Village Planning Commission and Village Board
Review of financial projections by the Citizens Finance Advisory Council
Issuance of approximately $60M in bonds at highly favorable rates, allowing a reduction in the maturity of the referendum plan by one year and a $10M reduction in interest.
Bids for construction
We expect to break ground in May at Springman Middle School, and at Henking, Lyon and Westbrook, our primary schools that will be able to welcome full-day kindergarten in August 2022.
On March 17, 2020, the community approved a referendum for $119 million to allow District 34 to repair, replace and update our buildings. The impact of the referendum will positively impact the community for decades to come, and it will be felt at every school, in every classroom, by every District 34 student. We recognize that we are tasked with Building Future.
On December 15, 2020, District 34 received 11 bids and secured a deal with R.W. Baird & Co. with a cost of 0.943% (including interest rates, underwriter's discount and all costs of issuance). This rate is much lower than the 1.96% estimate presented to the Board of Education on October 27, 2020 and represents a significant savings and benefits for taxpayers:
- The extremely competitive bid reduced the final maturity of the Series 2021 bonds by one year and also reduced the final maturity of the total $119M referendum plan by one year.
- The shorter overall amortization resulted in total debt service with $10M less interest cost over the life of the bonds than shown at the October 27, 2020 presentation to the Board of Education.
The low rate received is due to District 34's Aaa rating from Moody’s Financial Services, the highest possible rating.
Construction expenditures for 2021 are expected to be just under $53M. Citizens Finance Advisory Committee (CFAC) on the debt structure for the referendum.
CFAC recommendations include:
- Issue more debt sooner to take advantage of lower interest rates
- Accelerate the debt payment schedule to save taxpayer dollars
- Delay the use of fund balance
Taking these steps will reduce the tax burden on the community.
Elizabeth Hennessy, Managing Director, Raymond James & Associates, gave a referendum financing update based on the CFAC recommendation. The recommendation of an accelerated option could mean that taxpayers would pay approximately $22M less than the original amount outlined in the referendum.
Summer 2020 Pre-Construction Community Meetings
D34 provided the community an opportunity to hear from architects, engineers and construction management about site plans, grading and drainage, materials, elevations, and other zoning issues that relate to construction at Henking Elementary School, Lyon Elementary School, Westbrook Elementary School and Springman Middle School. You can view recordings of the virtual meetings, and presentations that include renderings of the schools.
June 25, 2020 Community Meeting: Henking, Lyon, Westbrook Construction Updates
August 11, 2020 Community Meeting: Springman Construction Update
On September 22, 2020 the Village of Glenview Plan Commission gave approval for construction projects at Henking, Lyon and Springman; the Westbrook construction project will be considered at the October 13, 2020 Plan Commission meeting. On September 23, the Appearance Commission gave preliminary approval for all projects.