The Lodi High School Stadium Project is within $75,000 of reaching its goal of raising $450,000 in private donations needed to fund the renovation of the LHS football field to artificial turf. This amount is in addition to the $500,000 the School Board provide.
The initial half-million dollar seed money provided by the school board will be money borrowed (most likely) from the State of Wisconsin. No mention has been made of the terms of that loan, including duration and interest rate1At the current prime rate of about 3%, a 5 year repayment would result in $39,000 in interest; a 10 year repayment would result in $79,000 in interest. This money would be repaid by the School District through their normal budget funding. This means that just over half of Phase I will be funded through property taxes.
From the Stadium Project FAQ:
Phase I includes a synthetic multi-purpose playing surface, stadium lighting realignment,
concrete visitor bleacher pad, pedestrian walkway, stadium field and perimeter fencing,
and donor wall.
Phase II includes a wrought iron fence in front of the stadium, ticket booths at the
entrance ramps to the bleachers, and a plaza.
Also according to the FAQ, in addition to regular maintenance, the playing surface will need to be replaced every 12-15 years. The cost of this replacement has not been split out from the overall cost of the initial work.
The School Board has scheduled a special meeting to make a final decision on how–or if–they wish to move forward with the project. That meeting will be held on Monday, March 2nd, 2020.
A Lodi native, Blaze attended the University of Wisconsin, Green Bay where he graduated with a degree in theatre technology & design. He has traveled extensively throughout the United States and the world–including a 6-year stint in China. He has been a teacher, a writer, a designer, and is the founder of the Redleaf Consulting Group.
|↑1||At the current prime rate of about 3%, a 5 year repayment would result in $39,000 in interest; a 10 year repayment would result in $79,000 in interest.|