School District proposes $43.4 million rebuild of Webster City High School with decrease in property taxes

About 35 people attended a meeting Tuesday evening to hear how $43.4 million would be spent to both remodel and rebuild Webster City High School in the three-year period 2027-2030, at no increase in property taxes. In fact, the school district projects it can be completed, significantly upgrading the existing high school, while taxes are reduced.

Matthew Gillaspie, of Piper-Sandler, an investment banking firm hired by the District to oversee financial aspects of the high school facilities project, explained 60 school districts in Iowa, including WCCSD, have prepaid general obligation (GO) bonds interest, likening it to a homeowner making a 13th mortgage payment on their home.

He said, "Webster City Schools saved taxpayers $1,215,000 over the life of GO bonds maturing in 2028." That money would otherwise would have been paid by property owners.

Citizens will be asked two questions in a September 8 special election. The first will seek approval for a Voter-Approved Physical Plant and Equipment Levy (VPPEL), giving the school district the authority to increase its tax levy from the current $0.77/thousand dollars of taxable valuation to $1.34 for three years from 2028-2030 .Funds raised by this measure will be used to make facilities improvements district-wide, including the proposed high school project.

A second question asks voters to extend the $1.34 rate for an additional 10 years to support the District's longer-term funding needs for facility improvements, transportation, technology, and other expenses. Together, the two measures give the District the maximum allowable levy rate from fiscal years 2028-2040.

The project can move forward if 51% of votes cast are in support, a simple majority.

The good news for Webster City taxpayers comes in fiscal year 2028 when the District's debt service on its GO bonds matures, and is projected to drop from the current $2.70 to $0.64, significantly offsetting the $0.57 increase in the VPPEL in 2028.

Following the presentation Jama Hisler, Director of Teaching and Learning for the School District, led a tour of the high school to explain some of the upgrades that would result from the remodeling/rebuilding project.