The St. Joseph School District Board of Education on Monday voted to table a proposal to renovate the former Noyes Elementary School to convert it into a pre-school center for the district.

Superintendent Dr. Robert Newhart says such a move would create a preschool center for the district, and at the same time reduce class size. District staff is proposes paying for the $4.1 million project through what’s called lease-purchase financing. Newhart says the funds would be raised through the public sale of what are called “certificates of participation,” and that would go into a third-party escrow account to fund those renovations.

Newhart says in an interview that renovating the Noyes building would come in at about half the cost of building a new facility.

On Monday the school board voted to table the proposal to get more information.

“It’s not unusual for school districts under state statutes to do this,” Newhart says. It’s a sound fiscal approach that does not need to go to the public. Otherwise, it would be an increase in taxes if that was the case.”

“If we can be fiscally responsible, and diligent, and prudent in our financial practices, which we believe we’ve worked hard to correct, we’re very capable to handle this $4.1 million lease-purchase option.”

As it stands now, the plan would also raise about $6 million for new air conditioners in district facilities.

“We’ll bring it back on the 26th,” Newhart says. “We need to make a decision on it one way or another, and vote it up or down.”