Stevenson High School may borrow $25 million for projects
Stevenson High School officials are pursuing a $25 million loan to fund renovations and other projects at the Lincolnshire campus during the next three years.
Officials had developed a $9.7 million renovation plan for summer 2014 and publicized it in November. If the loan comes through, it also would pay for work to be done in 2015 and 2016.
On Monday, school board members voted to formally announced their intent to borrow the $25 million. But the school isn't getting a giant check just yet.
First, a public hearing on the matter must be held. That's set for 7:30 p.m. Jan. 13 at the school's administration center.
Officials haven't yet determined if they'll collect the entire loan at once or in stages during the next three years.
“However the money is received, it must be spent within the three-year time frame,” Stevenson spokesman Jim Conrey told the Daily Herald in an email.
The projects planned for 2014 include:
Ÿ A $2.3 million modernization of the east building's science labs.
Ÿ A $1.1 million renovation of the fine arts classrooms in the west building.
Ÿ The second phase of an effort to convert the school's doors to a keyless entry system. That will cost about $1 million.
Ÿ The construction of a lightning shelter for spectators at the Vernon Hills Athletic Complex, which Stevenson helps maintain. That will cost about $120,000.
To-do lists for 2015 and 2016 haven't been finalized.
“The board will map out the 2015 work this coming spring, and (it) likely will have preliminary plans for 2016,” Conrey said. “But the final approval for 2016 probably would not occur until sometime in 2015.”
The loan won't result in a tax-rate increase, Conrey said.