January 18, 2023
The Beachwood Board of Education unanimously passed the two resolutions needed to seek a bond levy this spring for the construction of two new elementary schools – one at Bryden Elementary for grades Kindergarten through 2 and another at Hilltop Elementary for grades 3 through 5 – and updates to the Fairmount Early Childhood Center’s pre-kindergarten facilities.
The first resolution, unanimously passed Dec. 15, declared the necessity of placing a bond issue on the May 2 general election ballot. The principal amount of the bond is $65 million to be paid over a maximum of 37 years with an estimated 5.25% interest rate per year, payable semiannually.
The Cuyahoga County Fiscal Officer certified that the 3.95 mill-bond issue amounts to $138.25 for each $100,000 of the county auditor’s appraised value. The monthly cost to homeowners is $51.84. This is based upon the current Beachwood median home value of $450,000, which is taxed at a value of $157,500.
After reviewing the Cuyahoga County Fiscal Officer’s certifications, the Board unanimously voted Jan. 10 to proceed with issuing the bond question. Read the full resolution. If approved by voters, the funds would be collected starting in 2024.
View the full Board meeting below.