CASPER COLLEGE - November 2008 Bond Issue

• Why does Casper College want to expand at this time?
  The community, with its growing economy, has asked for new majors directed specifically at the growing parts of Wyoming’s economy. Those center on technology, energy development and health services. The college has added 20 new majors in the past four years to address this demand, ranging from web design to medical lab technician. Some programs that are less in demand have been cut to make room, but at this point the college is missing great opportunities because there isn’t dedicated laboratory and instructional space to meet the increased enrollment (up six percent last year) and the growing workforce demands.
  
  A carefully considered Master Plan calls for a new Gateway/Training and Development Center, major remodeling of the Administration Building to add space for health science labs and instruction, a UW/CC & Student Union Building, a new Music Building, and remodel of the Aley building to accommodate the growing science program.
  
  
• Why did the Trustees ask for $35 million instead of the $41 million they could have requested in a general obligation bond?
  The College is granted ability to place a bond question before the voters up to $41 million. Comments in public meetings and polling results indicated that while 2/3rds of the people said that they support the college request for a bond backed by property tax, a number preferred that the tax be a smaller amount.
  
  The $35 million pays for only a portion of the three buildings and two renovation projects. Where does the rest of the money come from?
  Private donations and savings will be used. And the community colleges hope to receive assistance from the state for capital construction in the 2009 or 2010 sessions of the Legislature. Maintenance money has been saved to pay for the two renovations. The University of Wyoming intends to pay for half of the UW/CC Center & Student Union Building.
  
  
• How will the lower amount of $35 million impact the Master Plan projects?
  It will take longer to finish all the projects: Gateway Building, renovation of Administration Building to add classroom and lab space, UW/CC & Student Union, Music Building, renovation of Aley Building to create lab and classroom space for science instruction. And there will be a greater emphasis on donors and possible state funding. The slower timetable gives the University of Wyoming more time to raise its half of the cost of the UW/CC & Student Union building.
  
  
• What will the bond cost in property tax?
  Taxes would increase $18/year per $100,000 assessed valuation, or $1.50 a month.
  The average home in Natrona County is assessed at approximately $176,500, so the average homeowner would pay about $31.69/year, or $2.64/month, far less than the cost of one gallon of gas per month.
  
  
• Who pays the property tax?
  Approximately one half is paid by homeowners and one half by oil and gas production in Natrona County.
  
  
• How long will the tax increase be in effect?
  The bonds are 25-year bonds. Because valuations are likely to increase, there is an expectation that the bond will be paid off early, as was the case with the bond that supported construction of the Wold Physical Science Building. That bond was paid off six years early.
  
  
• Why ask for a 25-year bond?
  That allows us to keep the tax burden on the homeowner as low as possible. It also is a fair way to spread the cost to people who move to Casper in the future, so a homeowner arriving in 15 years who enjoys the benefit of Casper College also helps pay for it.
  
  
• Will the construction of the three new buildings and renovation of two existing ones delay building new residence halls?
  No. Plans for building a new residence hall complex are proceeding regardless of the fate of the bond issue. They will be funded through other sources: revenue bonds and other loans.
  
  
• How will new construction affect parking on campus?
  The College will update the Campus Master Plan that was developed over two years with public discussion and input in the late fall to address parking concerns and other design and construction issues.
  
  
• Which building will be built first?
  The current plan is to build the Gateway Building and renovate the Administration Building first, the UW/CC & Student Union Building second and the Music Building-renovation of the Aley building third. The order could be impacted by how fast UW raises the money for the UW/CC building and what gifts come in.