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Tue March 10 th 2020
12:00PM - 8:00PM
 

Financial

Let’s Look at The

Financial Information

If approved, the total cost of this project will be $183,193,000. A portion of this expenditure — amounting to $31 million — will be covered by debt service aid (funds from New Jersey for eligible school construction projects) provided by the state. The rest of the cost — amounting to $152,193,000 — will be covered by the total district share. The entirety of the project expenditure will be used to accomplish the aforementioned upgrades within each of the six schools mentioned.

Impact on Taxes:

Edison residents will on average see an estimated tax increase of $18 per month. This projection is based on a home assessed at $179,600 (the average tax assessed value of a home in Edison, New Jersey).

JP STEVENS

SITE WORK: $2,455,000
NEW CONSTRUCTION: $47,742,625
RENOVATION: $10,021,073
SUMMARY HARD COST: $60,218,698
SOFT COSTS: $7,626,302
CONSTRUCTION CONTINGENCY: $6,185,000
TOTAL: $74,030,000

JOHN ADAMS MIDDLE SCHOOL

SITE WORK: $375,000
NEW CONSTRUCTION: $10,367,131
RENOVATION: $2,131,704
SUMMARY HARD COST: $12,873,835
SOFT COSTS: $1,691,166
CONSTRUCTION CONTINGENCY: $1,269,999
TOTAL: $15,835,000

JAMES MADISON INTERMEDIATE

SITE WORK: $670,000
NEW CONSTRUCTION: $11,183,627
RENOVATION: $1,358,407
SUMMARY HARD COST: $13,212,034
SOFT COSTS: $1,764,967
CONSTRUCTION CONTINGENCY: $1,302,999
TOTAL: $16,280,000

EDISON HIGH SCHOOL

SITE WORK: $500,000
NEW CONSTRUCTION: $33,652,977
RENOVATION: $8,689,382
SUMMARY HARD COST: $42,842,359
SOFT COSTS: $5,790,641
CONSTRUCTION CONTINGENCY: $4,615,000
TOTAL: $53,248,000

LINCOLN ELEMENTARY

SITE WORK: $514,000
NEW CONSTRUCTION: $10,218,809
RENOVATION: $2,064,925
SUMMARY HARD COST: $12,797,734
SOFT COSTS: $1,718,766
CONSTRUCTION CONTINGENCY: $1,263,500
TOTAL: $15,780,000

JOHN MARSHALL ELEMENTARY

SITE WORK: $717,700
NEW CONSTRUCTION: $4,484,102
RENOVATION: $1,201,668
SUMMARY HARD COST: $6,402,770
SOFT COSTS: $987,230
CONSTRUCTION CONTINGENCY: $630,000
TOTAL: $8,020,000

TAX IMPACT

Fiscal Year Tax Impact Per $100 – Avg. cost: $0.1247
Fiscal Year Impact on Average Home – $224*
*Based on the current average tax assessed value of a home in Edison, NJ

THE TOTAL

Total Project Cost Estimate for Referendum Plan is $183,193,000
State Debt Service Aid is $31,000,000
Total District Share is $152,193,000