MERIDIAN — As the West Ada School District prepares to open a new Lake Hazel Elementary building and a career and technical education (CTE) facility next fall, its trustees voted Monday night in favor of a participation financing agreement that would fund their construction without raising taxes.
The move comes three years after House Bill 292 granted property tax relief with the creation of the School District Facilities Fund. Under the participation financing model, multiple lenders can buy portions of a loan from a lead lender, spreading out the suppliers of funding for larger projects such as these which will cost an anticipated $56.4 million.
“It in all intents and purposes looks like a traditional bond. It’s got a principal component, an interest component,” said Eric Heringer, the managing director of Piper Sandler’s Idaho office. The investment bank is the loan’s underwriter…