FINANCES

 

  • The State of Rhode Island has initiated a School Construction Program to transform and replace inadequate public school buildings throughout the state.
  • The total cost of building the new East Providence High School is set not to exceed $189.5 million, including all demolition costs.
  • The financing for the project was approved in two bond referendum measures on November 6, 2018:
  • Rhode Island voters approved Question 1, a statewide referendum on a $250 million bond for school facilities construction, and
  • East Providence voters approved Question 4, a local referendum on $189.5 million bonds for a new East Providence High School.
  • The Rhode Island Department of Education (RIDE) has determined that $135.6 million of the East Providence project is eligible for State reimbursement.
  • State reimbursement on that amount is expected to be 74.4 percent, assuming the project satisfies all eligible “incentives,” as defined in the statewide bond referendum.
  • If the project achieves maximum reimbursement, the impact on the residential tax rate will be approximately $0.76 per $1,000 assessed. The average assessment for a single-family home in East Providence is $170,578. At that assessment, the corresponding tax impact is approximately $130 per year, or $11 per month.*

 

* Source: City of East Providence Finance and Assessment Office.