GPISD Steering Committee Recommendation

We are recommending to the Board of Trustees that the Board call for a $117 million bond election to be placed on the ballot for the May 9, 2015 election

This will fund the following initiatives

New Elementary School – Grades Pre-K-5New Middle School – Grades 6-8New Career-Tech Center and additional classrooms at G-P High SchoolSite acquisition for future schoolsCapitalization of school items: athletic and stadium improvements, technology, school buses, etc.

Age of Current Facilities

Campus Age Remaining Life

Intermediate 50 1-5

Junior High 50 1-5

High School 11 39-44

Central Office 61 0 (10)

Age of Current Facilities

Campus Age Remaining Life

Andrews 35 15

Austin 7 43-48

Clark 21 29-34

East Cliff 57 0 (2)

Expected Future Attendance

Fiscal Year Average Daily Attendance

2013 4209

2014 4240

2015 4279

2020 4920

2025 5656

2035 7499

Economic and Demographic Growth

TPCO AmericaCheniereVoestalpineLa Quinta projectExpansion of the Port of Corpus Christi

Debt Service

Existing Interest & Sinking (Long Term Debt) tax rate is 0.18 for each $100 assessed property valuationThe proposed debt service rate will remain the same at $0.18 This rate will not be affected by this bond proposal

Maintaining Debt Service Rate

• Increased Property Valuations• State assistance (will decrease

with increased district wealth)• Three to Five Bond Series will be

sold within the next seven years

Summary

Aging facilities New Schools,Career/tech programsAthletic facilitiesState Funding DeclineMore Capital improvements by debt servicesStrong financial position

Summary

With all of this in mind, we feel that the time is now to move forward with these improvements and allow the district to maintain its leadership position in education for the coastal bend area

Questions

FAQ

Frequently asked questions

Breakdown of the BondProject Square Ft Estimated Cost Schedule of

Construction

*Education Complex at old East Cliff

*$4,000,000 2015-2016

New Elementary at suitable site

92,500 sf $25,000,000 2015-2018

New Middle School at current site

210,000 sf $55,000,000 2016-2019

High School Addition 62,500 sf $16,500,00 2016-2019

50 Ac. Site $1,000,000 2015

Total $101,500,000-$4,000,000$97,500,000

Capitalization Item +$19,500,000

Total Bond $117,000,000

5 Year Capitalization ItemsItems Amount

Athletic Uniforms $97,200

Band Instruments HS $387,000

Band Instruments JH $198,000

Video Technical $300,000

Health sciences $69,000

Secondary Music $151,200

Elementary Music $49,000

Theater $28,800

Technology $3,400,000

School Buses $1,452,000

Service Vehicles $150,000

HVAC Equipment $255,000

Furniture New Campuses $4,875,000

Maintenance Projects (short term, Athletics Restrooms, Concession Stands and Ticket booth)

$8,087,600

Total $19,500,000

Expected Revenue and Recapture

Fiscal Year Estimated Revenues

Recapture Amount

2013 $30,914,55 $0

2014 $34,846,027 $0

2015 $32,658,486 $0

2020 $45,517,709 ($393,974)

2025 30,463,820 ($9,468,667)

2035 $53,329,504 ($23,020,634)

Building New vs. Renovating

The District asked DBR Engineering to estimate MEP improvements which would be required to extend the usable life of each campus by 25-30 years

Building New vs. Renovating

Average renovation cost 67% of new construction cost (per s.f.)*Average life expectancy of renovated campuses is 50% of new construction*

*Specific calculations are available upon request

Reasons for Bond Recommendation

Cost of building new vs. renovationAge of current facilitiesExpected future enrollment growthExpected increase in property tax values which should allow current tax rate to stay the sameMultiple Series Bond