Capital improvement plans (relating to the current referendum) go back to 1998 when Richard Peterson was the Director of Finance. His phone number is available and those interested enough can personally speak to him about what was discussed back then. (contact the school district offices)
Bray Architects were hired by the school district back in 2008 and have been to Beloit 55 times since that time to help “throw” this plan together. Drawings of each of the 9 buildings impacted by this referendum are available for your viewing, which include not only building additions but replacement of all major items such as boilers and roofs.
Of the $70 million the individual taxpayers of Beloit, 64% or $45 million will be paid through the Equalization Aid formula (I have personally spoken to the Director of Finance at DPI regarding the viability of this percentage into the future). That leaves $25 million of which 46%, or $12 million will be paid for by the business within Beloit (Frito Lay, ABC, Regal, etc.). That leaves $13 million or roughly 18.5% of the entire amount to be financed by the individual taxpayers of Beloit. With the Referendum Bond from 1994 dropping off at the end of this year the average home owner in Beloit ($75,000 home) will see an increase in their taxes of $68/year.
Would a bank lend money on these terms?
If you went to a bank and told them you wanted to borrow $200,000 and they said fine, but there is one catch, you only need to pay them back $37,000 over the next 20 years at 3-3.5% interest. Would this be a wise financial decision?
These are just a few of the facts I have questioned and researched. There are many other great reasons to support this referendum, Operational Budget Savings, Economic Growth? to name a few.
Please distiguish between fact and fiction.
Vote “YES” for our schools, Vote “YES” for Beloit.
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