MILLBURN, NJ - According to Millburn Township Public Schools, the District will receive debt service aid in the amount of $7,618,199. That brings the net cost of the proposed referendum to $17,974,977.
The Estimated Average Annual Tax impact is based upon a bond amount of $25,593,000, State Aid for Debt Service of 29.77%, a Bond Term of 25 years, and a Borrowing Rate of 2.900%
Over 25 years, the tax impact on the average home in Millburn-/Short Hills assessed at $1,082,989 will be $134.19/year.
Find out how much it will cost for you:
Construction costs and interest rates are near historic lows, which the District believes is an opportune time for financing the referendum projects that will include;
- Purchase and renovation of the former Millburn Regional Day School (MRDS) building to become a 5th Grade School to be known again as Washington School
- Innovation, research and design spaces at all schools are planned and designed to be competitive with comparable school districts, both neighboring and around the country. Construction includes the renovation of media centers at the elementary schools, and additions and renovations at the Middle and High School
- Health and Safety improvements at all schools.
This “Investing in Excellence” proposal meets the aspirations of the community and the competitive educational needs of our students. This program of building improvements has a positive impact at each grade level, will protect school investments, insure high academic standing for years to come and will alleviate overcrowding and/or the need for redistricting in the very near future.
The vote on the referendum will be held on September 27, 2016.