The Clear Lake Area Chamber Board of Directors has unanimously voted to endorse the College of the Mainland’s $162.5 million bond referendum that will be on the ballot for the Nov. 6 general election.
According to the COM website, the proposed bond will “go toward the construction of a STEAM (Science, Technology, Engineering, Arts and Mathematics)/Allied Health building, an Industrial Careers building and a Student Success Center, which will house all student enrollment offices such as admissions, financial aid and advising. All COM programs offered in League City will be moved to the main campus.
The bond proposal also calls for additions and renovations to the campus fine arts building as well as expansion of the college’s physical plant and technology upgrades. Aside from the administration and enrollment center, the bond program will see the demolition of the police station (to be relocated) and the technical vocational building.”
The amount of the proposed bond totals $162.5 million. If the bond is approved, the college’s Interest and Sinking tax rate, which currently is zero because the college has no debt, would increase to .117 per $100 valuation. The tax increase is dependent on the value on one’s home. The average cost of a home within the taxing district is $120,809.
Homeowners will see an increase in their taxes only when COM sells the bond. The college does not intend to sell $162.5 million in bonds at one time. The bonds will be sold as the money is needed for the construction projects. Currently, the plan calls for approximately $50 million in bonds sold during the first phase of the construction project. The earliest COM taxpayers will see an increase to their taxes will be the 2019 tax year.
The Chamber Board of Directors encourages the community to get out and vote for the bond. Election Day will be Tuesday, Nov. 6th with early voting beginning Oct. 22 through Nov. 2.
The Clear Lake Area Chamber is well known for its organizational excellence and commitment to helping its members’ businesses thrive and succeed. It’s the Chamber’s mission to be “Champions for business success and quality of life” throughout Clear Lake/Bay Area Houston, a spokesman said.