The Iredell County Board of Commissioners has unanimously approved a significant financial plan to fund the construction of Weathers Creek High School in Troutman. The board agreed to issue approximately $123.9 million in bonds, combining general and limited obligation instruments. This decision aims to address overcrowding at existing high schools and provide a new educational facility with a capacity for 1,600 students. Additionally, the county will allocate $10 million from its fund balance for middle school improvements. The project's total cost has risen due to delays and increasing construction expenses, prompting careful financial planning to manage debt repayments over two decades.
The approval of these bonds comes after careful deliberation and consideration of long-term financial impacts. In 2020, voters authorized $80 million in general obligation bonds, which, along with surplus funds, increased to $83.9 million. The commissioners approved an additional $40 million in limited obligation bonds in 2024, which did not require voter approval. Delays in initiating the project have led to higher costs, as acknowledged by Chairman Bert Connolly, who emphasized the importance of timely action moving forward.
The new high school, set to be constructed at 246 Overcash Road in Troutman, is designed to alleviate overcrowding at Lake Norman High School and South Iredell High School. The initial budget for the high school was estimated at $80 million in 2020, but rising construction costs have pushed the total to $133.9 million for Phase I alone, excluding athletic facilities. County Manager Beth Milton explained that the administration planned ahead for debt payments within the four-year budget cycle, although unexpected expenses from the fund balance have necessitated adjustments.
To finance this ambitious project, the county will issue $83.9 million in general obligation bonds and $40 million in limited obligation bonds. Finance Director Caroline Taylor estimated interest rates at around 3.6% for the general obligation bonds and 3.7% for the limited obligation bonds. Over a 20-year repayment period, the county will pay approximately $44 million in interest on the general obligation bonds and $20 million on the limited obligation bonds. Despite these costs, officials are optimistic about breaking ground around March, with a projected 30-month timeline for completion.
With the bond issuance now approved, the county is poised to move forward with the construction of Weathers Creek High School. While the project has faced delays and increased costs, it remains a critical step in addressing the educational needs of the community. The phased approach, starting with the main building and followed by athletic facilities, ensures that students will soon have access to modern, well-equipped learning environments. The board's foresight in managing finances will help mitigate the impact on taxpayers while delivering much-needed infrastructure improvements.
