The Odessa College Board of Trustees on Tuesday night approved an order calling for a $355 million bond election in the district on Nov. 5, which, if approved, would raise property taxes for Odessa homeowners.
There was no public comment.
Funds would be used for a new sports center, career and technical building, repurposing the Jack Rodgers Fine Arts Center as a childcare center and for the downtown campus.
Shem Culpepper, president/CEO of First Basin Credit Union, led a committee made up of community members to look at OC needs. As an example of how much property taxes would increase, Culpepper said on a $334,000 home, it would be about $30 per month or $360 a year more in property taxes over what homeowners are already paying.
Odessa College’s current total tax rate — including maintenance and operations and interest and sinking — is $0.171666 per $100 valuation. Culpepper said this would increase the debt service tax rate by 11 cents or $15 a month.
The average taxable value of a home in Ector County is $167,140 based on certified numbers OC received July 25. That home tax rate would increase about $15 per month if the bond passes.
The average home market value is $210,515, OC Chief Financial Officer Brandy Ham said.
Over the last five years, Culpepper said, OC has grown at a rate of 27.6 percent. Other community colleges have decreased in enrollment.
Under House Bill 8, the new community college funding formula based on outcomes, OC got $14,145,913 million, an increase of 43.8 percent. The average community college increased by 31.6 percent.
Total appropriations from the state increased by 22.9 percent.
For 2024-25, OC is projected to see an increase of $19,331,115, an increase of 36.7 percent.
Total appropriations for the state are projected to increase by 3.8 percent.
The average community college increase is projected at 3.4 percent.
OC President Gregory Williams said the college has seen 11 record enrollments and is hoping for number 12 this fall.
Culpepper said The Perryman Group projects over the next 20 years the community will need 190,913 jobs.
Many of them will not need bachelor’s degrees.
Williams said OC is a great investment and is one of the best community colleges in the country.
He added the college trains workforce members like first responders. The more educated the workforce, the more amenities will come to Odessa and the more people will move in to help pay the taxes and increase quality of life.
