On Tuesday, May 21, 2024, Ithaca City School District voters will have the opportunity to authorize a new $125 million capital improvement bond. The bond would support sustainability, health and wellness, and facilities improvement goals that are proposed for a 2024 Capital Project. This next project would allow the district to continue the progress made during the 2019 Capital Project.
The ICSD would pay for the 2024 Capital Project using a strategic financial approach that leverages State building aid reimbursements and replaces existing debt that has matured and been paid off. This system of debt retirement continues to neutralize the impact on taxpayers by stabilizing the debt service line in the ICSD’s annual budget, thus maintaining our commitment of no increase to the current 7% debt service allocation.
Design and construction of the proposed 2024 Capital Project would be completed in multiple phases, with the first phase of construction beginning in 2026.