Geary Public Schools are seeking a bond issue, but it is significantly different from the construction bond recently defeated at Canton.
A fire tore through the old Geary gym at the high school in March a year ago. The remainder of the building was so heavily damaged that it would be cheaper to rebuild than to repair and bring the existing remainder up to modern building and safety code.
The school’s insurance provider paid about $11.7 million toward the reconstruction. From that money, construction costs, architect fees and insurance costs must be paid.
But the hope at Geary has long been to consolidate the three campuses and bring all students under one roof. To do so, as the high school is reconstructed, the district needs an additional $5 million.
The district had previously considered building an entirely new campus north of town on a plot of farm ground, but the bond issue required to do that was soundly defeated twice. That was before Sean Buchanan became the superintendent at Geary Schools.
In the planned construction, students will access the buildings without having elementary kids cross paths with high school students. The plans also incorporate the new four room addition and safe rooms built in 2024 and undamaged in the fire. Those were constructed using COVID funding.
The bid for the new configuration came in at $14.5 million. That figure does not include contingency fees or projected costs of any change orders.
To bridge the gap, voters in the district have been asked to approve bonds for $5 million.
The bonds are sold as investment vehicles to insurance companies, banks and investment firms where they are offered to clients with a safe, low tax, reliable return on the dollars spent.
The school district receives the money in a lump sum and repays it when the ad valorem tax income –essentially property taxes – are paid to the school. This generally follows a twice a year schedule in Oklahoma to coincide with the payment schedule issued to property owners.
Residents would be faced with paying slightly more on their property taxes. Buchanan estimates it would be about $1 per month per $100. For example, if a homeowner currently pays $300 per month toward property taxes, the bond will add $3 per month.
While the district understands that $5 million is not insignificant, the chance to build a new consolidated campus is the better option, Buchanan said.
“This is a once in a lifetime opportunity for us to put every student in a school that is safe and accessible,” he said via a video posted on the school’s social media page. He also points out the bond will expire after 10 years.
“We lost something that was very special to us, something that the community was very proud of,” he said. “This is a chance to build something that we can be just as proud of.”
Courtesy Geary Public Schools