The Brown Deer School District will have an additional $2.4 million in Qualified Zone Academy Bonds, QZAB, that will be used toward the remodeling of the middle school and the portion of the high school that will be used by the seventh and eighth grades once the move to a two-school campus is accomplished in 2013.
Director of Finance Emily Koczela said the authorization for additional bonds means taxpayers will save the interest on $2.4 million over the next 10 years.
Under the QZAB program, bondholders get federal tax credits instead of cash interest payments.
In June 2011, the district learned it got authority for $5 million under the program. The program requires a 10 percent match from the community.
Koczela said plans are under way for the match for the initial $5 million. Four projects, including the campus clean up, garden, plantings, creek clean up, the website, and the annual maintenance corps of volunteers, a Middle School PTO sponsored Science is Fun Fair and 20 internships per year for the next five years, and an educational concert or performance, are either under way or in the planning stage. Koczela estimates the value of the projects will be more than $500,000, or 10 percent, provided they all come to fruition.
Voters approved spending of $22 million in a referendum in November. The QZAB money will be $7.4 million of that $22 million.
- #BestSummerEverNOW: Share your 2016 summer photos of you in the Milwaukee suburbs
- 2016 Fourth of July events in the Milwaukee suburbs
- Roundup of 2016 Memorial Day events in suburban Milwaukee and Lake Country
- Sink or Swim: One Franklin family's fight with rare bone cancer
- Video: Summer fun in suburban Milwaukee in 2016
- Best Summer Ever in Suburban Milwaukee and Lake Country in 2016
- Positive and uplifting stories in suburban Milwaukee and Lake Country in March
- This is how many shooting and bomb threats have been made in suburban Milwaukee schools since 2012
- Netflix Queue-and-A: Local officials discuss what they’re streaming about
- Positive and uplifting stories in suburban Milwaukee and Lake Country in February