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School board approves tax-abatement plan to fund parking-lot repairs, authorizes first bond sale for larger facilities work
Summary
St. Francis Area Schools held a public hearing and approved a resolution authorizing a property-tax abatement up to $1,375,000 over five years to fund phase 1 parking-lot work and gave authority to proceed with a first bond sale of up to $15 million as part of a proposed $36 million facilities/indoor-air-quality program.
The St. Francis Area Schools Board of Education on Aug. 25 approved a resolution authorizing a property-tax abatement of up to $1,375,000 over five years to fund phase 1 of district parking-lot repairs and related sidewalk work, and granted administrators authority to proceed with the first bond sale in a two-part financing plan for a broader $36.2 million indoor-air-quality and facility maintenance program.
The vote followed a public hearing required under Minnesota statute on the proposed abatement and a presentation from Michael Hart of PMA, who explained the financing plan and recommended splitting the overall financing into a $15,000,000 sale this fall and a second sale of roughly $22.5 million in early 2027.
The split, Hart said, is intended to match funding to near-term construction needs and to avoid borrowing for later design-and-bid stages. "If interest…
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