The tax rate that East Allen County Schools residents will have to pay for the Woodlan and Heritage K-12 projects has decreased by about 10 percent.
Rod Wilson of City Securities reported to the EACS board Tuesday night that the decrease was the result of low interest rates and some changes made in the debt structure of the bonds for the two projects.
"It's my hope that each project comes down even more" after the bidding process, Wilson said.
The Woodlan project totals $10.8 million, and the Heritage project totals about $12 million. Both projects will have a 20-year maximum bond, with payments beginning in late 2014.
The tax increase for the owner of a $100,000 home would pay $6.50 per year; for an 80-acre farm worth $100,000 the owner would pay $23.75 per year; and the owner of a business worth $100,000 would pay $18.25.
For the Heritage project those increases are $8.85, $32 and $24.75, respectively.
Wilson believes when the district actually begins bidding the project, those costs per year will decrease due to low construction costs. The board approved the bond lease, the basis for a public hearing Sept. 4.
The board also approved some administrative openings.
Michael Chen will become the principal for the Woodlan Primary and Intermediate School. Former Harding Junior-Senior High School Principal Ed Mendoza will take a special assignment with student services. Theresa Gremeaux will transfer from Southwick Elementary School to serve as the principal at Harding. Natalie Drummond, director of federal programs will fill in as principal at Southwick.