Total project costs are summarized below.
|Construction ‘Hard Costs’||$5,264,133|
|Owner ‘Soft Costs’||$901,357|
|TOTAL PROJECT COSTS||$6,165,490|
Last summer, the Nottingham School Board went through an extensive process to apply for State of NH Building Aid to reduce the cost to Nottingham tax payers. If the project is awarded State Building Aid, it would reduce the construction costs by approximately 30%. The State anticipates announcing awards in late spring 2021.
The figures above do not assume any State of NH Building Aid funding.
Projected tax impact figures are still being reviewed and the following table includes options for a 10-year, 15-year, and 20-year bond term from the New Hampshire Municipal Bond Bank. Tax impact estimates are based on level principal payments and the 2020 town assessed valuation of $796,347,443.
|10-Year Term||15-Year Term||20-Year Term|
|Estimated Interest Rate||1.50%||2.00%||2.50%|
|Year-1 Est. Tax Rate per $1,000 Valuation||$0.19||$0.19||$0.19|
|Year-2 through Final Year Average Est. Tax Rate per $1,000 Valuation||$0.83||$0.59||$0.49|
|Estimated Average annual tax payer impact (assumes a $300,000 assessed property)||$250||$178||$147|
The State Building Aid Application can be downloaded here.