CMS Bond Info

A note from our PTA President…

As the Beverly Woods PTA President, I wanted to share with you some information on the upcoming bond referendum taking place on November 7th. My goal is to help you understand why I believe it is important that it passes and ask that you go out and VOTE yes!

Let me start by saying I am not a city planner, a county manager or a CMS administrator. I am a parent of two students at Beverly Woods Elementary School where we have had nothing short of an amazing experience for the past several years.

Here are a few bullet points about the bond and my thoughts:

What is the Bond?

• CMS is asking voters to approve a $2.5 billion bond that will fund 30+ projects, impacting 35+ schools. You may access the list of projects HERE.
• What is a bond? Think of a Bond as a large line of credit; it is only used as it is needed. So, while the “line of credit” is opened for $2.5 billion, they will use it and pay it down as needed for the projects on the list. Additionally, it is important to note that the $2.5 billion price tag includes an estimate for inflation called “escalation” that was based on the record inflation rates experienced over the past year. To the extent that inflationary pressures ease, project costs may decrease.
• Why is it so big? It is a record-breaking bond amendment that is directly correlated with the sizable needs in our community. The list of 30+ projects was arrived at after narrowing down from a list of 125+ projects that were identified during a capital needs assessment. Many of these projects have been “on the list” for many years, including BWE, but did not make the cut previously. Pushing out those projects from prior years to now has only caused the price tag on projects to soar due to the rising cost of supplies, inflation and the cost to borrow money. For example, the estimate to build a new elementary school for BWE is $71.2M. It cost less than $40M to build this exact same school footprint and plan in 2013.
• How will CMS pay for the debt? If all $2.5B in funds are used, the county would likely increase taxes $.01 on every $100 of property value three times over the course of several years. For example, a property value of $400,000 would incur an approximate $120 tax increase by 2029. There is not another county revaluation for another 4 years, so property values will remain flat for at least the next 4 years.

What does it mean for Beverly Woods?

Aside from the financial impacts and construction details, here is what it will mean for Beverly Woods Elementary School:

• Beverly Woods, along with other schools in our feeder pattern, is on the short list of buildings to be replaced with this Bond. If the Bond passes and all things go “as planned” according to the County, construction permits could be applied for/pulled by the beginning of 2024 and construction could start as early as the end of this school year.
• A brand-new building would be built in the back fields of the current BWE property while the 2024/2025 school year is in session and then the new building would open for the 2025/2026 school year, potentially. Once the building opens the old building will be demolished and the front portion of the property will become fields/play area.
• Many of you have had or have students at Beverly Woods understand the value of the education the school provides, and if we can pair that with a brand-new, beautiful building, all the better.
• HEALTH & SAFETY! Our school was built in 1969. The health and safety concerns that were considered in the building of our school in 1969 are substantially different than those concerns of today’s world. This bond will allow CMS to build modern, state-of-the-art schools with student health in mind and security features that will keep students and teachers safe.
• There are many things about the current building that we know are not conducive to an optimal learning environment for our kiddos (e.g. no windows in many classrooms, insufficient HVAC systems, outdated facilities and more).
• Aside from what a new building can do for our students, the image of a brand-new building can help attract homebuyers and renters to our district. And as a homeowner, I find it enticing to know that the value of my home will be supported by even stronger local schools.

Resources

Here are some amazing resources that I have found very helpful in learning more about the Bond:

• CMS Bond Information: https://www.cmsk12.org/domain/6597
• Bond proponents: https://voteyesforbonds.com/
• Bond opposition: https://qcitymetro.com/2023/10/02/charlotte-mecklenburg-schools-faith leaders-mecklenburg-county/
• Charlotte Ledger article: https://charlotteledger.substack.com/p/debating-the-25b-cms-bond package
• WFAE Session with some really good information: The vote for $2.5 billion in CMS bonds is weeks away. What questions do you have about its impact?