A $39.4 million grant will help Consolidated School District 158 pay off existing debt and offset future construction costs.
The grant from the Illinois Capital Development Board covers part of the more than $80 million worth of projects that were completed in 2005, which included improvements at the district’s Square Barn Road campus in Algonquin, as well as Marlowe Middle School in Lake in the Hills.
The money was supposed to be paid out for construction costs after the grant application was approved in 2003, according to Superintendent John Burkey. The state decided to stop funding the program in 2002, but the application process moved forward anyway.
The state began funding 2002 approved grants last year, and “this year, out of the blue, (the state) sold bonds to pay off people on the 2003 list,” Burkey said.
The school board will now investigate what to do with the money. It cannot be used to pay off a large portion of debt at one time due to major penalties incurred for early payments, according to officials.
“What we are going to have to do is set part of the money aside and use it to defray the debt payment each year, which would be money that doesn’t have to be levied to taxpayers,” Burkey said. “The grant is a great opportunity to help our taxpayers.”
Part of the money could also be used for future building needs at Huntley High School, which has seen continued enrollment growth over the last several years. Student population is expected to reach 3,000 students in the next five years, according to district number crunchers.
“We need to do what we can to put it aside for whatever issues we have at the high school as we grow,” Burkey said. “Without the grant, those costs would have fallen to the taxpayers.”
The district is poised to add as many as 10 new teachers at its high school next fall, and a handful of new classes will be rolled out next school year.
The school board in December voted to keep the tax levy flat by abating $2.4 million in property taxes. The district requested more than $62 million, a 1.4 percent increase compared to last year. But no new tax dollars will come from the community other than from new construction, according to district officials.
