Sultan School District considers roughly $130M bond to fund new high school, Gold Bar expansion and facility conversions

The Sultan School District board reviewed a four-phase bond concept and updated financing scenarios from the district’s financial adviser on Monday.

Staff described architect-estimated project costs totaling $174,582,330 for a new high school on the basin ($122,775,000), a 20-classroom expansion at Gold Bar Elementary ($26,262,125), conversion of the current high school to a middle school ($6,191,250), an SMS conversion to serve grades 3–5 ($4,694,250) and SCES conversion for district offices, parent partnership programming and a community walking track ($7,277,875). Staff said the district expects to pursue SCAP state match funds and is likely to seek a bond authorization in the $120–130 million range to fund the projects after accounting for state assistance.

Trevor Carlson of Piper Sandler presented financing models that included three-sale and two-sale bond approaches, a conservative assessed-value growth assumption of 3% and a one-point interest-rate cushion. He modeled a $120 million authorization at an approximate district tax rate of $3.78 per $1,000 assessed value and a $130 million model that reached about $3.92 per $1,000 assessed value; Trevor walked the board through a homeowner example based on a $550,000 home to illustrate the potential annual tax impact. "I've taken today's interest rates added a cushion of a percent," Trevor said, describing the caution built into the scenarios.

Board members discussed timing, affordability and priorities. Supporters said the plan addresses safety (moving young learners out of a flood plain), facility equity and community uses such as gym and turf fields accessible on weekends; critics warned about operating and staffing pressures and questioned whether pursuing a major bond is well timed while staffing shortages and operating budgets remain strained.

Process and next steps: the board discussed convening CFAC between meetings, preparing a bond resolution for the May meeting if the board decides to pursue a November election (the adviser noted an August 4 filing deadline for a November ballot), and continuing one-on-one briefings with staff and advisers. No bond authorization vote took place at the meeting.