College of the Mainland Board Chair
Over the past year, residents in the College of the Mainland (COM) community will have noticed a changing landscape across the Texas City campus. As the final stages of construction culminates on COM’s new Science, Technology, Engineering, Arts and Math (STEAM) and Administration buildings, one thing is for certain: tremendous growth and expansion are on the horizon for Texas City’s community college, and COM is ready to support the growing needs of our students and community.
This growth has been made possible with the support of voters through the approval of COM’s 2018 general obligation bond. Through those bond projects, COM is building the infrastructure and gaining momentum to support the rising need for skilled workers throughout our region. And while that momentum is strong, the passage of the 2018 bond is only one step of the college’s broader plan to continually meet the economic and educational needs of our community.
COM is now looking to continue meeting those needs through a fiscally responsible proposition that voters will see on their upcoming ballot. Proposition A allows COM to refinance its existing maintenance tax notes at a lower interest rate by taking advantage of our market’s current historically low interest rates. With the possibility of saving nearly $250,000 per year in interest, the proposition is a financially sound option that allows the college to uphold its commitment to being good stewards of taxpayer dollars.
In 2017, COM sold its maintenance bonds to address several time-sensitive, critical repairs across the college’s growing campus including most of the underground infrastructure, remodeling the chemistry lab, gym and student center, and converting the closed swimming pool into the conference center. Now, we are looking to recoup those funds and reallocate that money back to our operations budget where we have the greatest direct financial impact on the students we serve.
While the passing of the proposition will impose a 1 cent increase to the overall tax rate for residents in COM’s taxing district, in the broader scope, taxpayers and the college will see greater long-term savings – a projected $4.3 million in interest over the next 17 years. Ultimately, it is important for voters to know that COM is not asking for new monies. Rather, the college is refinancing to recoup operations funds to better serve the growing needs of the college community now and in the many years to come. We are asking taxpayers to support taking over the payments now because of low interest rates and because we need to recoup our operational budget.
This refinancing is vital to the sustainability of our thriving community as college is a critical conduit to better-paying careers, long-term economic growth, and a fulfilling lifestyle. With the support of voters, the refinancing will allow COM to place the interest savings back into operations to support future programming like the new mechanical and chemical engineering degrees, Bachelor of Science in nursing, and an accelerated associates degree.
When casting your ballot in the coming weeks, I urge voters within COM’s taxing district to make an informed decision about this very important ballot measure.
Kyle Dickson
College of the Mainland Board Chair
Kyle Dickson is Position 3 Board Chair at College of the Mainland. Mr. Dickson is a native of Texas City and is currently the managing partner at Murray-Lobb, which is located in Houston.
