By placing its referendum on the March ballot, District 112 calls for local property owners to take on one of the largest and longest school bonds in state history, $198 million plus interest for 30 years — more than a generation. Imagine today’s D112 5th graders. Now picture them growing up and moving back to Highland Park in their 30’s, or even their 40’s. As returning adults, they would pay taxes on the same bond presented to voters today! This scenario seems outlandish because a 30-year bond term is highly unorthodox. The bond’s size is also extreme — only Oswego District 308, serving a population five times ours, borrowed more. D112’s proposal is so extreme that it required an extraordinary waiver from the General Assembly to avoid the law’s limits. That’s right, District 112 exceeds even the State of Illinois’ lax fiscal restraint.
How does such a massive debt affect property taxes? Assuming 4 percent interest (which accrues to $140 million on top of $198 million in principle), a home valued at $300,000 would see a total tax increase of more than $16,000; a home valued at $600,000 would trigger $33,000 more in taxes; and homes worth $1,000,000 would see a $55,000 total tax increase.
We might assume that $198 million buys “a lot” under the proposed plan, but that is not the case. For starters, the district admits this outsized burden will not ensure its solvency and will not prevent a future operating referendum. We could also assume $198 million would buy great new facilities. Instead, the district promises to close six neighborhood schools when the referendum passes. These would be replaced by one middle school the size of a high school.
I will vote “No” to defeat the D112 referendum and win a renewed search for a less costly, less drastic plan.
Jeff Hamburg
Highland Park
