Search Staff DirectoryBúsqueda en el Directorio del Personal

CCSD59.org

English|Español

Potential Bond Issuance FAQ

August 8, 2017

The following list is a collection of frequently asked questions regarding the new district administration center and the potential issuance of bonds.

To read a timeline narrative about the district’s process and decision points over the past several years regarding the administration center and consideration of issuing bonds, please click here.

 


BOND ISSUANCE:

What is the cost for the new bonds the district is considering?
The district is considering issuing bonds of either $10 million, $15 million, or $20 million in bonds.

How much would the bonds raise property taxes?
The issuance of $10 million in bonds would result in an approximate annual property tax increase of $10.01 for a house valued at $250,000, and the debt would be paid off in 2023.

The issuance of $15 million in bonds would result in an approximate annual property tax increase of $14.95 for a house valued at $250,000, and the debit would be paid off in 2024.

The issuance of $20 million in bonds would result in an approximate annual property tax increase of $19.90 for a house valued at $250,000, and the debt would be paid off in 2025.

Will the bonds be used to increase staff salaries or increase staff personnel?
The bonds can not be used for staff salaries and will not be used to increase district personnel.

How much does the district have in reserves, and if they have a fund balance, why do they need to issue bonds?
The district presently holds a fund balance of $110,747,601.

Over the past several months, a number of financial challenges have increased the uncertainty for the district’s financial position. Financial challenges the district must consider include, but are not limited to:

  • Providing the resources needed to best meet the needs of our students who come to us with educational, emotional and language deficits
  • Uncertain state and federal funding
  • Legislation negatively impacting the financial health of the school district
    • Tax cap freeze
    • Pension cost shifts
    • School funding reform
  • Rising costs of health insurance
  • Rising costs of construction

While the district will strategically deficit spend into the reserves this year, the issuance of the bonds will ensure financial stability, the continuation of programs to best support students, and protect against the financial uncertainty at the state and federal levels.

The district is committed to responding to the current financial uncertainty and balancing the budget, and the bonds would help provide financial stability as the budget balancing process is completed.

What will the bonds specifically fund?
The bonds would be used to pay for a portion of the administration center, renovations at Devonshire School and Friendship Junior High School, and capital projects across the district such as updating school roofing.

Will the bonds result in a permanent increase in property taxes?
Once the bonds are paid back, property tax levels would be reduced by the increase resulting from the bonds. Residents would see the decrease in 2025 for $20 million in bonds, the decrease in 2024 for $15 million in bonds, and 2023 for $10 million in bonds.


ADMINISTRATION CENTER:


Where will the new administration center be located?
The new administration center will be located at 999 Leicester Road in Elk Grove Village.

Who owns the land at 999 Leicester Road?
CCSD59 owns the property at 999 Leicester Road, and this was the previous location of Lively Junior High School.

Did the district consider building the new administration center in the industrial park in Elk Grove Village?
Yes, the district investigated the possibility of building the new administration center at an alternative property, including the possibility of building in the Elk Grove Village industrial park, but the investigation found the district would have to purchase property which would incur additional expense for the project and take a taxing entity off the tax rolls.

Will there be green space remaining after the administration center is completed?
Yes, there will be green space remaining after the building is complete, and the free space would allow for the park district to use the remaining portion of the field for two soccer fields if they choose. The plan also allows for local residents to continue to use the land for activities such as taking daily walks. To view a conceptual draft overlay of the new administration center, click here.

Will there be additional traffic down residential streets?
As part of the planning process, the district conducted a traffic study from an independent agency, which found there would not be a significant impact on local traffic, and the only increase in neighborhood traffic anticipated would be minimal from employees who live in the neighborhood.

Will Pirate’s Cove parking be impacted?
Patrons at Pirate’s Cove would continue to be allowed to use available district parking.

How long has the district been considering the building of a new administration center?
To view a comprehensive timeline of the new administration center decision process, click here.

Was the community given the chance to provide feedback on the project?
Yes, two community listening sessions were held in December of 2015, and a survey was issued to the community and CCSD59 staff to solicit feedback.

What would happen if the district decided to stop the building of the administration center at this point?
At this point in the timeline, the option to discontinue the building of the administration center would result in the district incurring costs to negotiate or litigate out of the construction contracts. With design costs already paid for, attempting to discontinue the building of the new administration center may result in costs over $5 million. The district would also need to attempt to terminate the sales contract for the existing properties already sold.

  • Summer Instrumental Music Camp Students Put on One Cool Finale

    Summer Instrumental Music Camp Students Put on One Cool Finale

    During these hot summer months, the well-loved sounds of summertime are everywhere: Children laughing on playgrounds; lifeguard whistles and water splashing; birds singing well into…

    Continue ReadingSiga Leyendo
  • Congratulations Class of 2017

    Congratulations Class of 2017

    To our graduating classes of 2017, we wish you a happy, safe summer and a great beginning to your first year in high school in…

    Continue ReadingSiga Leyendo
  • Christine Orozco - 59 in :59

    Christine Orozco - 59 in :59

    As the final installment of the 59 in :59 series for the 16-17 school year, meet Christine Orozco, Devonshire’s LRC director and 27-year employee of…

    Continue ReadingSiga Leyendo
  • Grove Junior High Students Performing in ‘Aladdin Jr’ See a Whole New World

    Grove Junior High Students Performing in ‘Aladdin Jr’ See a Whole New World

    The performers all stood on stage, smiling and waving to the audience. The student audience cheered and applauded, and as the stage curtain began to…

    Continue ReadingSiga Leyendo
  • CCSD59 Alum Soars to Eagle Scout Status for Rupley Service Project

    CCSD59 Alum Soars to Eagle Scout Status for Rupley Service Project

    Almost everyone has at least heard of the Boy Scouts of America (BSA), and many CCSD59 families either participate in BSA activities themselves, or know…

    Continue ReadingSiga Leyendo
  • Veronica Rodriguez - 59 in :59

    Veronica Rodriguez - 59 in :59

    Veronica Rodriguez, fourth grade dual language teacher at Juliette Low, loved to read and go to school at a young age. As she grew up,…

    Continue ReadingSiga Leyendo
  • CCSD59 Students Shine at 3rd Annual D59’s Got Talent Show

    CCSD59 Students Shine at 3rd Annual D59’s Got Talent Show

    A yo-yo artist. A ukulele player with an original piece of music. A karate demonstrator. A pianist. A gymnast. A ballerina. A cup-stacking magician. And…

    Continue ReadingSiga Leyendo
  • Junior High Electives Provide Students Choice Classes

    Junior High Electives Provide Students Choice Classes

    Here at CCSD59, we strongly recognize the importance of allowing students to help facilitate their own learning. Students who are able to provide input and…

    Continue ReadingSiga Leyendo
  • Sara Magnafichi - 59 in :59

    Sara Magnafichi - 59 in :59

    Sara Magnafichi, a first grade teacher at Admiral Byrd for the last 12 years, wants her students to know she really cares about them. Her…

    Continue ReadingSiga Leyendo
  • Christina Hoblin - 59 in :59

    Christina Hoblin - 59 in :59

    Christina Hoblin, who teaches band and orchestra at six of the eleven elementary schools in CCSD59, is someone whose life has always been influenced by…

    Continue ReadingSiga Leyendo
  • Community Cares Closet Has Families Covered

    Community Cares Closet Has Families Covered

    Did you know that on average, it is estimated that only 20 to 30 percent of the clothes in a person’s closet are actually worn…

    Continue ReadingSiga Leyendo
  • Global Community Committee Spreads Cheer at Juliette Low

    Global Community Committee Spreads Cheer at Juliette Low

    Around CCSD59, each school is celebrating the spirit of the season in their own way, providing students and staff with opportunities to experience the simple…

    Continue ReadingSiga Leyendo