Plans for the estimated $6.2 million reconstruction of the Carroll Athletic Stadium on Grant road are complete, and approval of the project now lies with Carroll Community School District (CCSD) voters. About $5 million of the total will come from bonds against future revenue from a voter-approved Physical Plant and Equipment Levy (PPEL). Superintendent, Rob Cordes, says there are several methods for a district to fund a project like this.
General obligation bonds tend to have a longer lifetime compared to the PPEL option, and the district felt it did not need those extra years to fund the stadium.
Use of PPEL funds is determined by Iowa law for items like buses, buildings and property improvements. A voter-approved PPEL requires only a simple majority to be approved. According to Cordes, votes like these have been used in the past within the district.
If passed, the PPEL will generate $629,000 annually to pay off the initial loan for construction of the stadium. The vote for the 67 cents per $1,000 of taxable property value levy is schedule for Feb. 7, 2017. Contact Cordes by phone at 792-8001 or at the email address included with this story on our website with questions regarding the project.
