Developers, construction interests pour cash into Elk Grove Unified's $542 million bond measure
If approved, the $542 million bond will be repaid over 30 years at a cost of $1.06 billion.
The only local measure on this November's ballot for Elk Grove voters is the Elk Grove Unified School District's Measure N. The school district's Trustees are asking voters to approve a $542 million bond for the remodeling and construction of facilities for the district, whose geographic boundaries extend beyond Elk Grove city limits.
Since October 1, the Yes on Measure N has received the following contributions for it campaign efforts:
- Angelo K. Tsakopoulus and Affiliated Entities - $12,500
- Core West (Las Vegas) - $10,000
- Balfour Batty Construction - $5,000
- XL Construction - $5,000
- Cummings Properties - $2,500 Western Health Advantage - $1,500
According to financial disclosures filed with the Sacramento County Voter Registration and Elections, the Yes on N received $179,075. Combined with the recent contributions, the Yes on N has $215,550 at its disposal.
The measure has a 55 percent approval threshold. If approved, the $542 million bond will be repaid over 30 years at a cost of $1.06 billion.
Property will be taxed $33.94 per $100,000 of assessed value. For a property valued at $500,000, property taxes would increase by $169.70 annually.
Although no active campaign committee opposes the measure, the Sacramento Taxpayers Association has an opposition statement in the Sacramento County voter information guide. That association argues that the EGUSD's voter-approved 2016 Measure M, which issued $614 million in 30-year bonds, did not fulfill its promise to build new schools in the portion of Rancho Cordova served by the district.
Their statement says, "Until new local schools are built for students in rapidly growing Rancho Cordova, the voters should Vote No on this measure. Tell the District to prioritize in writing and guarantee new schools for Anatolia."
