“What is the total cost for HMS new construction, and what is the impact to taxpayers?”
On February 8, 2016, the Board approved a conceptual design for Hinsdale Middle School that has a total cost of $65 million. It is important to note that the total includes not only construction of a new building, but also: a design and construction contingency of 10% and an owner’s contingency of 2%; an escalation fee of 3% to address potential increases in labor or material costs; the temporary relocation of two four-classroom mobile units (portables); the temporary relocation of staff and Village parking spaces; demolition of the current building; and the substantial additional storm water retention that is mandated. Using the bond scenario approved by the Board, the owner of a $500,000 home would see a tax payment increase of approximately $263, but not until 2018-19, as the Board determined that payment of new debt should begin when new construction is expected to be complete. After six years, the D181 portion of the tax payment would then decrease to an amount less than the current payment.