UNION TWP. — Northwest Area school directors are continuing discussions about financing $3 million for a series of renovation projects.
At a special meeting of the finance and budget committee on Tuesday, David Payne of PNC Bank said the district stands at an advantageous position for a bond to pay for a series of projects that are being developed by the Quad3 Group of Wilkes-Barre.
Near the end of the meeting, school director Peter Lanza said, “I’m okay with $3 million.” Directors Randy Tomasacci and Albert Gordon stated they are resolved to $3 million, although Gordon did suggest an option of $2.5 million. Any final action by the board will have to come at a regular school board meeting.
Samual Scarantino, director of operations for Quad3, said cutbacks to the proposals had been made to maintain a projected $3 million budget.
Reiterating comments he made at an Aug. 21 meeting, Payne said Northwest bonds could be on the market by September.
Based upon estimates developed by Al Melone, director of finance and administrative personnel, taxpayers could face millage increases for the 2014-15 and 2015-16 school years, but over the projected 17-year life of the bonds, that millage will average out to just .35 mills.