Lockport Township HSD 205 outlines $26.2M life-safety debt plan after Central ceiling collapse
October 31, 2024 | Lockport Twp HSD 205, School Boards, Illinois
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Dr. Bob McBride, superintendent of Lockport Township High School District 205, told residents Oct. 21 that Bergland Construction reported completion of roughly $5,000,000 in summer repairs at Lockport Central following a ceiling collapse and that the district is planning how to finance further life-safety work.
McBride said Bergland inspected the superstructure and masonry and advised that, if the roof is replaced, tuckpointing completed and electrical systems updated, the core structure of Lockport Central is sound. "We had a ceiling collapse that led to a series of events that caused us to close Central," McBride said, summarizing the contractor's presentation and the board report.
The board has committed (action taken May 20, date noted by McBride) to a maximum of $26,200,000 in life-safety debt for current building needs, McBride said. He described PMA Financial's briefing to the board on options to "chunk" bond sales so the district does not have to issue the full amount at once. "If we did go out, and we don't plan on doing so, but if we did go out and in February sold $26,200,000 in life safety bonds, that would increase the annual tax burden to the average homeowner in our district by $35 a year," McBride said, adding that staging sales could lower that impact.
McBride framed life-safety debt as a tool to fund urgent facilities work — roofs, walls, plumbing and electrical systems — spread over 20 to 30 years to distribute costs across current and future taxpayers. He said the board has passed a budget smaller than last year's, plans to approve a debt-service abatement to rebate some tax dollars and is exploring loan structures with PMA Financial to manage long-term costs.
The superintendent encouraged residents to review the full Bergland report and the board meeting materials on the district website for details about recommended repairs and financing options. The board did not specify a timetable for issuing bonds; McBride said sales would be timed to the projects the district undertakes.
McBride said Bergland inspected the superstructure and masonry and advised that, if the roof is replaced, tuckpointing completed and electrical systems updated, the core structure of Lockport Central is sound. "We had a ceiling collapse that led to a series of events that caused us to close Central," McBride said, summarizing the contractor's presentation and the board report.
The board has committed (action taken May 20, date noted by McBride) to a maximum of $26,200,000 in life-safety debt for current building needs, McBride said. He described PMA Financial's briefing to the board on options to "chunk" bond sales so the district does not have to issue the full amount at once. "If we did go out, and we don't plan on doing so, but if we did go out and in February sold $26,200,000 in life safety bonds, that would increase the annual tax burden to the average homeowner in our district by $35 a year," McBride said, adding that staging sales could lower that impact.
McBride framed life-safety debt as a tool to fund urgent facilities work — roofs, walls, plumbing and electrical systems — spread over 20 to 30 years to distribute costs across current and future taxpayers. He said the board has passed a budget smaller than last year's, plans to approve a debt-service abatement to rebate some tax dollars and is exploring loan structures with PMA Financial to manage long-term costs.
The superintendent encouraged residents to review the full Bergland report and the board meeting materials on the district website for details about recommended repairs and financing options. The board did not specify a timetable for issuing bonds; McBride said sales would be timed to the projects the district undertakes.
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