The expansion will make possible another 400 students at the school, according to a port authority overview of the project.
The Dayton Daily News reported in April that the school plans to buy more than nine acres to raise the new building, adjacent to its existing campus at 1724 Woodman Drive.
The school today has students representing some 35 school districts across eight counties, admitted by lottery. There is no tuition to attend.
Construction costs are put at about $23 million, with a land cost of $600,000, according to port authority documents. The new school will have about 28 classrooms, a multi-purpose room, offices and other features.
The port authority expects the bonds to have a term of 37 years. A borrower issues bonds purchased by investors to fund operations or expansions. The investors are paid back, with interest.
The port authority helped finance the original construction of the STEM school almost a decade ago, noted Joe Geraghty, executive director of the Dayton-Montgomery County Port Authority.
Also Monday, trustees agreed to issue bonds supporting the rehabilitation of five affordable housing sites in Dayton and Trotwood.
In May, the trustees approved resolutions signaling their intention to help with the sites.
The resolutions covered about 567 residential units found in Northcrest Gardens, Mad River Manor and Asbury Apartments in Dayton, with Albright Apartments and Pinewood Gardens in Trotwood, Geraghty said.
The amount expected to be invested per unit in these projects would be about $80,000, and the builder will be expected to maintain the current level of affordability for the units, Geraghty said in May.
He said then that he intended to return to trustees with five specific bond issuances tied to the developments in July. After that, capital for the projects will be raised on the public markets.
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