The Odessa College Board of Trustees will consider moving forward with a $355 million bond issue at their next regular meeting at 6:30 p.m. Aug. 6 in the Zant Community Room at the Saulsbury Campus Center.
The proposed bond would be put on the Nov. 5 ballot. It was presented during a board of trustees workshop Wednesday. The idea had been discussed at a previous workshop meeting before summer break.
The funds would go toward campus improvements, infrastructure and maintenance.
Odessa College’s total current tax rate is rate is $0.171666 per $100 valuation. The bond would raise the interest and sinking rate for debt service by 11 cents per $100 or $15 a month for the average homeowner, said Shem Culpepper, who led a community group that OC officials met with this summer.
Culpepper said he based the $15 more per month or $180 more per year on property taxes on a $167,000 home, which he was told was the average home price in Ector County. On a $334,000 home, he said it would be about $30 per month or $360 a year.
Trustees will consider the proposal Aug. 6 and the last day to put it on on the ballot is Aug. 19.
Early voting starts Oct. 21 and ends Nov. 1.
OC President Gregory Williams said they will have meetings with the community to explain the bond and why it’s needed.
Culpepper, president/CEO of First Basin Credit Union, said one of the items in the bond would be to repurpose the Jack Rodgers Fine Arts Center into a childcare center.
In addition, they discussed a workforce building, which would be a career and technical education center. Like the CTE center Ector County ISD is going to build with its bond, this one will be done in cooperation with the school district as well.
The $355 million also includes housing and dining halls.
The Perryman Group says 190,913 people will be needed for jobs here in the next 20 years.
Culpepper said the time is right and the team is right to go forward with this proposal.
“I beg you to not let this opportunity pass by. The time is right; the team is right. You may not have another opportunity to do this … and if that happens, the community will not prosper,” Culpepper said.
Chris Lammers, who leads Pfluger Architects higher education practice, said they are collaborating with JSA Architects, which has been working with OC for many years.
“Every project that the committee has put before you is focused on the community and creating more opportunities. Some of the big things also are trying to maintain adaptability and flexibility for the future,” Lammers said.
According to information from the meeting, the five year fall enrollment has grown 27.6 percent.
In Texas, it’s 7.9 percent.
With the passage of House Bill 8 which made community college funding contingent on performance, OC’s funding has increased.
Bachelor degree attainment for Ector County is 16.6 percent; Texas is 32.2 percent; and nationwide it’s 34.3 percent.
In related business, Chief Financial Officer Brandy Ham said the proposed 2024-25 budget is $73,390,206.
For 2023-24, it was $66,475,903.
“The majority of that change is all state appropriations,” Ham said.
The budget includes a 5 percent salary increase for all eligible full-time employees. That is the recommendation to the board.
The tax rate will be proposed in August and then they will have public hearings.
