The Collin College board of trustees called a $600 million bond election for the May 6 general election at a special called meeting Wednesday.
During the meeting, Collin College President Neil Matkin said the bond would be used to expand the college’s footprint throughout the county.
“Collin County is growing at an unparalleled rate and has become one of the fastest-growing counties in the nation,” he said. “By 2030, we’re expected to double in population and by 2040, triple … I can tell you that our current footprint will not be able to handle [that growth].”
The majority of the bond will be to fund future campuses in Wylie, Farmersville and Celina, said Ken Lynn, Collin College chief financial officer. The bond will also fund a technical center on SH 121 and other college programs.
Matkin said the college has undertaken important steps in the process of expanding the college’s footprint.
He said staff has been involved in strategic planning, facilities master planning, labor market analyses, tax rate analyses and board workshops.
Lynn said if the bond election passes, it would give the college the authorization to issue up to $600 million, but it does not mean the college will use the entire amount.
Lynn said when the bonds are issued in 2024, the total tax rate increase would be about 1.3 cents.
Trustee Mac Hendricks was the only board member to vote against the bond.
Hendricks said he believes $600 million is a lot of money and thinks the bond could have been a smaller number to see how the college would have handled funding certain programs.
Trustee Jim Orr said he was in favor of the bond because there are things the college does not currently provide for the community, and the bond would help the college better serve the community.
However, he said the college would not necessarily use the entire $600 million, and he would work with the rest of the board to make sure the college is spending only necessary funds.