By Carol Anders Staff Writer
LAKEVILLE — During a meeting Tuesday, the Union-North United School Board clarified the estimated cost of a proposed building program.
The board is supporting the need for a $19.640 million project that includes renovations and/or additions to the existing LaVille Elementary and Jr.-Sr. High School buildings and the construction of a new 83,600 square feet facility to house grades 5-8.
Board member Mark Dickson asked board Pres-ident Larry Ort to again specify the number of years that is planned for paying of a bond, if the project moves forward.

At this time, petitions are being circulated by those in favor of the project and those opposed. Both sides have until March 24 to gather signatures of registered voters or property owners in the Union-North district.
Ort said the board voted at the 1028 hearing on the matter for a payoff time frame of 23 years. The petitions state that the project would be over a 26-year period. Ort explained that that is a not-to-exceed figure.
The estimated project cost was formulated using an interest rate of 5.25 percent. Ort, who is employed by First Source Bank, said he feels the project would likely come in at a 4 percent interest rate.
Ort said the lower rate could also mean a payoff of bonds within 20 years.
Curt Pletcher of Umbaugh and Associates presented information at a number of previous meetings concerning the monthly impact of combining the general fund (new facility appeal) and the debt service tax rate.
According to the estimates presented, the impact on a home valued at $100,000 would be $9.78 per month. Additional estimates are listed on a Web site at  www.buildlv.com.
Pletcher now estimates an annual payment of $1,422,320 based on a current market rate of 4.74 percent.