Most of the commentary at recent School Board meetings has been about where to construct new schools. There has been virtually no discussion about the estimated $435 million cost, presumably because everyone agrees with the Superintendent that Arlington can raise the money by issuing more bonds.
Even though the cost of the Columbia Pike and Crystal City streetcars has ballooned to $515 million, County Board has assured taxpayers that the project will be financed by leveraging the commercial real estate surcharge tax. So it says school construction will not compete with the trolley projects for bonds financed with residential real estate taxes.
Nevertheless ACB’s latest CIP indicates that $267 million for the trolleys will come from as yet unidentified federal and state grants. If those funds don’t materialize by the time construction is underway, the County will be forced to issue GO bonds or form a taxpayer subsidized Public Private partnership to finish the projects. That could place APS’ classroom capacity expansion project in jeopardy. (more…)