Poudre School District has secured $375 million in bond funding approved by voters in the November 2016 election.
This marks a significant milestone for PSD’s much-needed capital projects, which have been on hold for approximately two years as the result of litigation between PSD and a community member. These projects include the construction of three new schools and improvements to PSD’s existing buildings.
“It is so exciting to finally move forward with fulfilling the promises we made to voters two years ago,” PSD Superintendent Dr. Sandra Smyser said. “I am so thankful to our supportive community for their patience during this long process.”
During the unexpected delay, PSD refined its plans and developed strategies to move quickly once the District was cleared to sell bonds. As a result, PSD sold the full $375 million in bonds at once, rather than in two phases as originally planned. This gives the District the funds to move forward with the capital projects outlined in the 2016 bond simultaneously, rather than in staggered intervals.
“This allows us to hit the ground running,” PSD Executive Director of Finance Dave Montoya said. “We know the community is eager for us to begin construction, and by tackling multiple projects at once, PSD can open its new schools as quickly as reasonably possible.”
The sale of the bonds means that PSD can now finalize land purchases, engage with architects and go out to bid on construction projects. It will likely be at least a year before construction begins.
Because of market conditions at the time of the sale, PSD was also able to secure about $45.6 million of additional funds above the $375 million par value of the bonds. This premium leaves the District with approximately $420.6 million for capital projects and will allow PSD to explore other possible projects once money has been allocated PSD’s new school construction and updates to its existing campuses.
The following is an outline of estimated completion dates for construction projects:
• The new southeast elementary school will most likely open in the fall of 2021.
• The new middle and/high school in Wellington will most likely open in the fall of 2022.
• The new middle/high school off Prospect will most likely open in the fall 2022.
• The athletics complex at the Prospect middle/high school will most likely open in the fall of 2021.
• The addition to Zach Elementary will most likely be finished in late 2019.