Patchogue‑Medford presents bond update; first phase $21.7M and tax‑impact estimate reduced

Assistant Superintendent for Business and Operations Frank Mazy presented an update on the district’s capital bond program at the April 20 board meeting, describing an overall $85,000,000 plan and a first phase of $21,700,000 that will fund athletic upgrades, theater lighting and sound, and phased HVAC installations at several schools.

Mazy said the district expects approximately 73% state building aid on the projects, but stressed timelines and next steps are contingent on approvals from the New York State Education Department (SED). He outlined a debt‑service schedule and said the district timed initial borrowing to reduce taxpayer impact in years when overlap with prior debt would otherwise raise costs.

On tax impact, Mazy said earlier estimates projected about $26.51 per $1,000 of assessed value; updated forecasts show that number could fall to about $11.70 per $1,000 for the 2026‑27 year. Using the district’s illustrative example (an assessed valuation proxy of about 3,000 per the presentation), that change was presented as reducing an annual impact from roughly $80 to roughly $35 for that illustrative case. Mazy cautioned the figures are forecasts and will depend on actual interest rates, the final borrowed amount in each phase, and SED approvals.

He described project sequencing (design, SED approval, competitive bidding, and summer installation when buildings are vacated) and named schools identified for phased HVAC work (listed in the presentation). The board asked for clarification about South Ocean High School; Mazy said preparatory work (wiring and piping) is under way and rooftop cooling elements remain to be installed as planned.

Mazy also said the district has engaged with Moody’s, which reviewed the district's financial position; he reported favorable conversations and said a future bond‑rating review could affect later phases and borrowing costs. All presentation materials and updates are posted on the district’s capital improvements page.