BHS Taxpayers To Save $20 Million on New High School

A significant reduction in the interest rate associated with bonds sold to build the new Bloomfield Hills High School will translate to major savings, according to school district officials.

The community passed a bond proposal in May 2012 authorizing the use of $59 million in taxpayer money to refurbish existing parts of the Andover High School blended with new construction. That figure was based on a forecasted 5.5 percent interest rate in 2012. 

Final bond reports released earlier this month show the interest rate on the bond is 3.27 percent, according to a district news release. The 2.22 percent reduction will result in $22,138,812 projected savings over the life of the bond. 

"Our goal is to provide maximum value to our taxpayers,” Superintendent Rob Glass said in a written statement “I'm proud of our team for exceeding projections to save taxpayers millions.”

The district will break ground on the Andover site during a special ceremony at 2:30 p.m. Friday, the district announced Monday. Demolition will begin this month, and the new Bloomfield Hills High School should be ready for students in the fall of 2015.

Students from Andover and Lahser will begin a two-year transition next fall that includes a campus for 9th grade students at the former Hickory Grove School students, and another campus for the higher grades at the current Lahser site.