Lakeland School Corporation adopts project and financing resolutions for Intermediate School upgrades, estimating an 8-cent net tax increase

The Lakeland School Corporation on Monday adopted a series of project and financing resolutions to fund capital improvements centered on Lakeland Intermediate School.

During a public project hearing, district staff and bond underwriter Luke Brookman outlined proposed work including re-roofing, siding repair, HVAC upgrades, a secure main entrance, classroom refreshes and gym improvements at the intermediate school; additional projects under consideration include a chiller replacement at the primary building and playground replacements. Brookman said the district used two facility studies and a master-planning process to set priorities.

Brookman presented a financing plan that includes $6,865,000 in 2026 lease bonds (with about $205,000 in professional fees, leaving roughly $6.66 million for hard and soft project costs) and $3,150,000 in taxable general obligation bonds (about $150,000 in fees, leaving $3.0 million for projects). Using conservative interest assumptions (Brookman noted an example 5% for the lease bonds and 7% for the taxable GO bonds), he said the maximum tax-rate impact would be “just under 15 cents,” but after accounting for existing debt that falls off the net increase to taxpayers would be about 8 cents overall. Brookman summarized the financing as “one way to do it” and said actual rates will affect the final numbers.

The board then approved a package of routine but required resolutions: the lease project resolution, a resolution determining the need for the project under Indiana law, a reapproval of the building corporation to allow issuance of tax-exempt bonds, a reimbursement resolution permitting the district to reimburse prior project expenditures from bond proceeds, and preliminary and project resolutions for the 2026 taxable general obligation bonds. Several motions passed by voice vote; for each resolution the board called for a July follow-up hearing to consider final documents where required.

Board materials estimate the projects are intended to modernize aging facilities (the district noted its youngest building is more than 40 years old) and to align with a master plan developed with KRM Architecture and Design Collaborative and two independent facility studies. Administration said issuing both lease bonds and taxable GO bonds provides capacity for prioritized capital work while layering on the district’s current debt service schedule.

Next steps: the board scheduled follow-up hearings in July for final approvals and execution of agreements where required. The resolutions adopted Monday establish legal parameters and maximum amounts; the exact borrowing and final tax impact will be set at closing and may be lower depending on market interest rates.