Financing will come from a 15-year, $22.5 million, loan with a 4.75 percent interest rate. New York state will reimburse 60 percent of that, according to the district.
District taxpayers will foot $9.4 million, which translates to 16.2 cents per $1,000 of assessed value, or $29 per year for a homeowner with property valued at $180,000.
Additionally, $1.78 million will come from a one-time EXCEL aid grant. Also, $750,000 will come from the capital reserve fund, established earlier this year and $2 million will come from the district's fund balance for next year.
The high school and middle school had large-scale improvements in 1995 and 2001, according to the district.
Contractors bid on the project in February. This month was dedicated to choosing contractors and establishing health and safety committees.
The project will be done in two phases, with phase two starting in April of next year. The entire project is slated to be completed by November of 2010, according to a timeline provided by the district.