INDIANAPOLIS — The Indianapolis Public School board of commissioners has approved a $410 million referendum to fund several construction projects as part of its Rebuilding Stronger plan.
Commissioners voted unanimously Tuesday night to move forward with the referendum, which includes the construction of a new elementary school and additions and renovations to multiple schools, among other items, according to a notice from the board's website.
Leases for the projects will be for a maximum term of 30 years with a maximum aggregate annual lease rental of $45 million, according to the notice.
The full notice can be viewed here:
Marc Ransford, a spokesman for IPS, says the referendum will "support new construction and renovations to expand and enhance the elementary and middle school experience (and) address critical deferred maintenance needs in some IPS-owned school facilities."
The total costs are estimated to be more than $267 million.
The notice also states that IPS expects to incur an increase of $301,715 annually to operate each new facility space.
Commissioners will vote on a separate $413.6 million operating referendum next week, Ransford said.
That referendum is intended to support competitive compensation for staff members, fund the expansion and replication of academic programming across the district and enhance the student experience, Ransford said.
It would raise $50 million annually until 2031 and would propose a local property tax levy of no more than $0.25 on each $100 of assessed valuation.
Voters will have the chance to approve or deny both referendums in May 2023.
IPS says its Rebuilding Stronger plan will provide equal opportunities for all students and allow them to take care of necessary building maintenance and repairs.
The IPS board of commissioners approved the plan Thursday, Nov. 17.
-
Zedd returns to headline 2026 Indy 500 Snake Pit
Electronic superstar Zedd is coming back to Indianapolis Motor Speedway, set to headline the 2026 Indy 500 Coors Light Snake Pit.
Bill that could bring Chicago Bears to Indiana advances in House committee
The Chicago Bears moved closer to relocating to Indiana Thursday as a House committee unanimously passed legislation creating the framework to finance a new NFL stadium in Hammond.
FDA to drop two-study requirement for new drug approvals, aiming to speed access
The Food and Drug Administration plans to drop its longtime standard of requiring two rigorous studies to win approval for new drugs.
Former Prince Andrew released after arrest in misconduct probe linked to Epstein
Former Prince Andrew was released from custody Thursday after being briefly arrested on suspicion of misconduct in public office. The arrest was linked to trade data sent to Jeffrey Epstein in 2010.
