The Upper St. Clair School Board voted unanimously Monday to take advantage of historically low interest rates, and refinance a $9.6-million dollar bond from 2006.
Business Manager Frosina Cordisco told the board the refinancing could save the district up to $400,000, which would be used to offset the district’s state-mandated pension obligations.
The board also approved a negotiated settlement with the owners of the site of former Boscov’s Department store in South Hills Village, who had challenged the assessed value of the property. Allegheny county assessors originally put that value at $14.8 million dollars in 2009. However, the store closed in 2008 and its owners argued the property had significantly decreased in value.
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Rather than face a protracted fight in court, the school board agreed to refund the owners more than $300,000 in property tax revenue for 2009 and 2010. The school board hopes to recover that money when the value of the property increases with the opening of a Dick’s Sporting Goods and a Target Department store.
In other school district news….
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Director of Operations John Bornyas reported that the renovation of the Fort Couch Middle School should be complete by the end of September. He also said the renovation of Boyce Middle School should be wrapped up by mid to late October.
Superintendent Patrick O’Toole told the board he would ask for a vote at the end of the month setting a target of January to decide whether or not to convert the
O’Toole also announced the district had secured a $100,000 grant from the U.S. Department of Justice to update security cameras district-wide.
The Superintendent also reminded the board about the first annual Upper St. Clair Homecoming Gala to be held October 1, 2001 at St. Clair Country Club. The event will serve the dual purposes of honoring the achievements of the Class of 2011 Halls of Fame Inductees and raise much-needed funds for district initiatives. The Community Foundation of Upper St. Clair will provide the funding for the Gala so that the total amount of the donations will be directed toward the school district.
