Taylor Independent School District might ask residents for a bond of more than $85.5 million later this year.
On July 25, board trustees heard that figure during presentations from the school’s Community Advisory Committee and Rory Estes, a project manager from Stantec. The bond would be used towards improvements, maintenance, land purchases, safety and security, and more. No action was taken during the discussion-only matter.
“The community advisory committee has 100% consensus in our recommendation and calling for a bond in November of this year in the amount of $85.5 million,” said Rhonda Meller, committee member, “which will have no tax rate increase for the Taylor residents and will provide for the projects identified and agreed upon by citizens and the district to meet the needs of Taylor ISD students of today and tomorrow.”
Project priorities identified for the bond included major maintenance to T.H. Johnson Elementary School, playground secured fencing at Naomi Pasemann Elementary School, building additions and renovations at Taylor Middle School, and classrooms for visual arts as well as career and technical education at Taylor High School.
“Each of these was listed as we need this yesterday,” said Meller.
Abstract priorities were safe and secure priorities, real world learning, teacher retention, campus equity and low tax rates, which Meller said would have impacted the committee’s recommendation.
“(Superintendent Devin Padavil) shared with us (in the committee) and reviewed the district goals,” said Rachel Westerman, committee member. “He emphasized how important it was to keep a very low tax rate, made that crystal clear that he heard from the community how important that was and … he was already speaking our tongue. As a committee, we agreed that a bond with no rate increase that provided suitable suitable learning facilities for our students and Taylor’s future growth was absolutely necessary.”
Board trustee Merilyn Tennill wanted to make sure the $85 million figure was made clear as people have told her that they heard a potential bond could be up to $300 million. Padavil addressed where that figure might have come from.
“As tax revenue comes in on interest and sinking and as appraisal values go up, then our bond capacity grows. What our financial adviser does is he projects growth in Taylor based upon market trends,” said Padavil. “The thing that really changed the game for us is the fact that a large company that starts with an ‘S’ is building in the Taylor ISD tenant zone.”
The company in question, Samsung Austin Semiconductor, is building a manufacturing plant in Taylor. Property values have been significantly impacted since the project was announced in November 2021.
“Yes, we do have a $240 million dollar bond capacity over the course of three years, but it’s not all at once. All at once, which is in 2022, our capacity is in the ballpark conservatively of around $85 million, give or take five or 10,” said Padavil. “Then as time goes on and more revenue comes in for property taxes on the interest in sinking, which is set at about 37 cents, then that debt is paid off over the course of two years. Our financial adviser says that in the year 2024, we project you’re going to conservatively have $114 million capacity. when you combine those three years, it’s a combination of $240 million, but it’s based off revenue and our capacity at the time.”
Board members and presenters also discussed how they would inform the community about how the bond package would not affect the school’s tax rate amid raising property values that will still affect how much money residents will pay with taxes.
“The explanation of school finance was so enlightening. We’ve got to do that to the community,” said Anita Volek, board trustee. “It’s going to be an education process.”
To listen to the full presentations, view Monday’s board meeting on the Taylor Press Facebook page at Tayhttps://www.facebook.com/GoTaylorTx/videos/1150613062162313/
