Salt Lake City School District issues first of $730M school improvement bonds
The Salt Lake City School District has initiated the first steps toward a massive overhaul of its high schools, following a vote last year.
District officials announced Wednesday that they've issued the first series of bonds tied to the $730 million bond that residents approved in the 2024 election. The bond was proposed to fund plans to rebuild West and Highland high schools, as well as support other projects like a 'modern' new athletic field house at East High School and sustainability projects throughout the district.
Officers added that the first issuance follows recent meetings with Fitch Ratings and Moody's Investor Services over the bond market.
Both agencies affirmed the district's AAA bond rating following reviews of the proposed projects, the district's financial operations, and the local economy. AAA is the highest credit rating available, signaling the least amount of risk, as noted by the bond agencies. It allows the district to borrow at the lowest possible interest rate.
'This is a win for our students, our schools and our taxpayers,' said Salt Lake City School District Superintendent Elizabeth Grant in a statement. 'We know Salt Lakers are facing rising costs in nearly every area of their lives. Thanks to our district's history of strong financial management, we can make critical investments in our facilities while minimizing the financial impact on our community.'
Construction of a rebuilt West High School is on pace to begin in March of 2026, according to the district. The $300 million project is expected to take five to seven years to complete.
Highland High School's rebuild is also expected to cost $300 million, but construction isn't expected to take as long. The district anticipates breaking ground on the project next spring, with completion expected in 2030.
Construction on East High School's new field house is expected to begin sometime after that, likely two to three years after construction begins at the other schools. The $40 million project is tentatively expected to be completed in 2030.
The remaining $82 million in project costs will be allocated toward a student-led Sustainability Resolution that the school board adopted in 2020.
The money will go toward new solar panels and electric heat pumps at facilities, enabling the district to achieve its goal of using 100% clean energy by 2030 and becoming 100% carbon neutral by 2040. The district estimates that projects will begin this fall and continue through 2029.
The bond received 61% of the vote from Salt Lake City's residents in November 2024. Property tax increases related to the bond will begin appearing on tax notices in August, district officials wrote on a project website.
The increase is expected to raise district property taxes by $38.33 per year, or $3.19 per month, for every $100,000 in home value, which equates to $220.80 per year for the median homeowner. Businesses will also receive an increase of $67.70 per year, or $5.81 per month, for every $100,000 in value.
Still, district officials say landing the AAA bond rating should help taxpayers save 'millions' in future interest payments over the life of the issued bonds.
'This is an external recognition of Salt Lake City School District's long-standing practice of sound financial management and wise long-term planning,' said Alan Kearsley, business administrator for the Salt Lake City School District. 'We are proud to be able to save our taxpayers money as we begin selling the bonds approved by our community last November.'
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