Tech Center Bond Actually $7 Million

by J.B. McKinley

If everything goes as planned, the amount to be bonded for the Green
Mountain Technology and Career Center's building plans announced last
week in this paper would actually be about $7 million. Half the
project's funds would not come from a local bond issue, but from the
state. So, just to clarify, the project cost comes in at about $14
million, but the indebtedness would only be for approximately $7 million.
The News & Citizen misunderstood the facts and incorrectly reported the
amount of the proposed bond vote for the six towns that may eventually
vote on the project.
The project would renovate the 40 year old GMTCC facilities at the Hyde
Park facility and expand it to a combined total of 73,000 square feet.
The proposed construction at Hazen Union would be about 8,000 square
feet more.
"Last night GMTCC Director Joe Teegarden met with the Hazen Board..."
said Lamoille North Superintendent Terry Bailey on Tuesday, August 24.
"The Lamoille Board has a real interest in informing the region about
the project [and its financing] - even though only six towns will vote,"
he explained.
Bailey said the estimates that have been made at this time, based on a
bond interest rate of six percent, which may be high, indicates that, at
its highest point, a town's tax rate would be raised on average by two
cents. Of course, this will depend on whatever tax calculations and
formula are eventually applied, considering changes in the CLA (Common
Level of Appraisal) and others.
Bailey noted that the project is still waiting to hear exactly how much
of the project the state will fund. But, he said the project scored
highly with the state.
CORRECTION
Last week's top front page headline was incorrect.
The headline read "Tech Center Requests $14 Million Bond," that is
wrong. Green Mountain Technology and Career Center has announced a $14
million dollar building renovation and construction plan, involving
space adjacent to both Lamoille Union and Hazen Union High Schools.
However, if all the expected funding is received as planned and
expected, the bond vote would ask for almost exactly half of the project
cost, or "approximately $7 million in bonded indebtedness would be
necessary," clarified Lamoille North Superintendent Terry Bailey.
In short, the headline should have stated "Tech Center Requests $7
Million Bond."