The Lee County school district plans to borrow $105 million for two school construction projects.
The financing will help pay for a new high school in Gateway and for a $13 million addition and renovation project at Lehigh Senior High School, the News-Press reported.
The district will use money collected from the new half-cent sales tax to repay the loan. The board will vote on the proposed financing at a later date.
“It essentially is upfront cash that we are borrowing on anticipated revenue coming in to get these projects started, to get these projects going and then as we carry on going forward,” said Greg Blurton, the school district’s chief financial officer.
The district plans to spend more than $94 million to build and equip the new three-story Gateway school on a 55.6-acre site off State Road 82 and Griffin Drive. In October, the school district received two early construction cost estimates at $75.36 million and $78 million, according to the News-Press report.