The state will pay $23 million towards construction of a new elementary school here.
WESTFIELD — The city can afford to building a new elementary school and make $3.4 million in repairs to City Hall all within its current annual debt payments.
Mayor Daniel M. Knapik and the city’s financial officers reported to the City Council Legislative and Finance committees Tuesday that the city has sufficient revenue to finance both bond requests as well as potential future funding requests specifically for schools.
Knapik has asked the City Council to authorize a $36 million bond for a new elementary school to be built at Ashley and Cross streets and for the $3.4 million to secure City Hall from the elements.
The city’s cost for the school will only be about $13 million but the state’s School Building Authority requires the city to secure funding for the total cost. SBA will reimburse Westfield 62.7 percent or about $23 million for the project.
Finance Committee chairman Richard E. Onofrey Jr. said he is satisfied with the city’s ability to finance the school project and he intends to ask the full City Council to vote on the request Thursday night. The full council must vote at two separate meetings to approve bond orders and a total of nine of the 13 councilors must vote in favor of the action.
Final action on the school bond could come at the council’s Nov. 3 meeting, well within the 120-day window SBA requires. SBA approved funding for the school Oct. 28.
The two bonds will also be subject of a meeting of the council’s Long-Range Bond committee Wednesday. The council’s regular meeting Thursday will begin at 7 p.m..
The city currently spends between $5 and $7 million annually for outstanding bonds, Knapik and City Treasurer Gregory I. Kallfa and other finance officers told councilors Tuesday.
That is sufficient to include the school and City Hall bonds as well as a potential $17 million in boilers and heat distribution systems at Westfield High, Westfield Vocational-Technical High and Southampton Road, Highland and Paper Mill Elementary Schools.
Knapik and school officials pointed to studies now underway for ‘Green Repair’ projects at those five school and that funding requests will be brought to the council within the next few months for approval. The $3.4 million bond will address needs at City Hall including a new roof and gutters, new windows and repointing and sealing the brick facade.
The city plans to save at least $975,000 annually once the new school is built in savings realized through the closing of Abner Gibbs and Franklin Avenue schools and the merging of those students at the new 600-student elementary school. The savings will be realized from maintenance and staffing costs.