The Rockwood School District will grow in landmass soon.
Superintendent Eric Knost announced that the district will close on a deal Feb. 16 to purchase 13 acres from McBride & Sons Homes, developer of the Arbors of Rockwood subdivision, to build a new elementary school near the Eureka development.
Knost made the announcement Tuesday (Feb. 7) at his town hall meeting at Eureka Elementary. Rockwood chief financial officer Tim Rooney said in October that the district will pay $864,000 for the land.
School officials plan to build a new Eureka Elementary on the 13-acre plot and then repurpose the current school for early childhood programs.
In order to build the new Eureka Elementary, though, the district needs voters to pass Proposition T, a $95.5 million bond issue on the April 4 ballot. The bond issue will not require an increase to the district’s current debt service tax rate of 68 cents per $100 assessed valuation. The district’s overall levy is $4.6678 per $100 assessed valuation.
If the bond issue passes, the district’s debt would be extended by up to 20 years, depending on when the bonds are sold.
Knost also said at the town hall meeting that if the district is unable to develop the land, it will be able to sell the 13 acres back to McBride & Sons. Rooney previously said the district would be able to sell the land back for the same price it bought it for, according to the district’s contract with the developer.
For more on Knost’s town hall meeting, read the Eureka Leader on Feb. 23.