Financial Impact
Financial Overview
The total estimated cost of this project is $107,000,000 before state reimbursement. The amount to be reimbursed by the State of Connecticut will be calculated by the state based on actual and documented project costs. Currently, it is projected that the State reimbursement will be 73.93% of estimated eligible expenditures for Valley View Elementary School, 58.93% for Gildersleeve Elementary School and 50% for the middle and high school upgrades. This reduces the Town’s estimated share of the costs to approximately $41,324,483. However, the Town anticipates that up to 5.25% of the project cost for Valley View and 7% for Gildersleeve could be ineligible for reimbursement. Therefore, the ballot question seeks to authorize the issuance of bonds for up to $41.5 million in the event that the State determines that some project costs are not eligible for reimbursement. If approved by the voters, the Town’s share of the project costs would come from the issuance of bonds or notes.
Estimated Tax Impact of Incremental Debt Service
See the table below for specifics on the estimated annual tax impact of the incremental debt service increase resulting from project financing for a home assessed at $275,000 (the median assessed value of a home in Portland).
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