The projects proposed in the Stage II Submission to RIDE would be financed with a bond for $85 million. In addition, the Town would invest $7.66 million in Capital Improvement Project (CIP) funds.
State reimbursement is anticipated for at least 35% of eligible costs, with a likelihood of up to 50%, given that the projects are designed to qualify for the additional incentives offered by the State:
- “Newer and fewer” buildings = +5%
- Health and safety improvements = +5%
- Educational enhancements = +5%
In order to be earn these “bonus” reimbursements (up to 15%), the project must be under construction by December 2022.
In a special election on Tuesday, May 4, 2021, residents of South Kingstown will have an opportunity to approve or reject the bond referendum.
Town officials estimate that for a typical South Kingstown home assessed at $400,000, the impact on the annual tax bill would range from about $200 (if 50% State reimbursement) to $280 (if 35% State reimbursement). This increase would be phased in over several years.
See also answers to residents’ questions about project finances on the Frequently Asked Questions (FAQ) page.
For additional information:
- Rhode Island Department of Education (RIDE) School Building Authority Website
- RIDE Slide Deck: School Construction Bonds (January 2019)
“All students deserve schools that are warm, safe, dry and equipped for 21st century learning. Under the statewide school construction program we passed in 2018, significant resources are available to help South Kingstown upgrade school facilities, but only for a limited amount of time.”