Fast Facts about Issue 4

DID YOU KNOW...? Issue 4 will allow for construction of 20 to 22 new schools and the refurbishing of 20-23 schools, and it also will generate $2.5 million a year for building maintenance – all without raising taxes. The state will provide more than $2 for every $1 the District spends on construction. That means Issue 4 will bring in an estimated $256.8 million from the state for Cleveland’s schools without raising taxes. Issue 4 authorizes $200 million in bonds for new construction and a half-mill tax for maintenance. Issue 4 will cost the owner of a $50,000 home $44.10 per year, just as the owner is already paying. It will not raise taxes. CMSD has spent its construction dollars prudently while building and renovating 41 schools since 2001. The District saved taxpayers $42.2 million by refinancing and paying of debt early. The Cleveland Board of Education has adopted the city’s Community Benefits Agreement to guide future construction. That will prioritize employment of city residents, minorities, females and small businesses on CMSD projects. The CMSD facilities plan funded by Issue 4 is aligned with the groundbreaking Cleveland Plan. The facilities plan gives CMSD the flexibility to start new school models and provide quality school options in every neighborhood. Issue 4 will have an estimated net economic development impact of $456.8 million for Cleveland (in local and state dollars) without raising taxes. The independent Bond Accountability Commission, which was created in 2001, will continue to monitor the use of bond funds. From CMSD Website http://www.clevelandmetroschools.org Retrieved Oct 28, 2014.