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If a new $548 million bond were to pass, a lot of construction industry workers could find themselves back in school – but not to take classes.

The bond, which could go before voters next May, would pay for major renovations and upgrades to eight campuses and fund smaller safety and structural updates to Portland Public School’s other 78 schools.

And that, in turn, could mean a host of new contracts for Portland’s construction industry, said Sarah Schoening, director of PPS’ Office of School Modernization.

“We’re certainly not that far along yet, but we do anticipate a significant amount of construction contracting,” Schoening said. “We’re very excited about it and we hope the work will benefit the region and the whole community.”

PPS Superintendent Carole Smith presented her school modernization plan to the school board on Monday. The plan would be paid for through a $548 million bond that would be put before voters for the May 17 election – if the school board were to approve it at its Dec. 13 meeting.

The improvements would cover “basically any system you can imagine – HVAC systems, electrical systems – it would provide a lot of work to a lot of trades,” said Matt Shelby, a PPS spokesman.

Most of Portland’s public schools were built before 1960 and desperately need modernization, he added.

“We’ve only built two schools in the last 40 years,” he said.

However, the measure could face opposition from homeowners, who would have to pay $2 for every $1,000 of their assessed home value per year. For an average home worth $320,000, it would be $2 per $1,000 of the taxed value of $170,000 – or about $340 a year for the next six years.

And even Shelby admits that might be a bit of a hard sell.

“We anticipate it will be, but it’s also a big investment in education and jobs,” Shelby said.

John Killin, executive director of Associated Builders and Contractors of Oregon, said that as a homeowner he’s also concerned about what would be a large tax in a struggling economy.

“That’s a big chunk of change,” Killin said. “And I don’t think we can tax our way into construction prosperity. The $548 million is a ton of money, and it would help, but if you look at that proposed mall in Oregon City (a 650,000-square-foot project called The Rivers) – that’s a big chunk of change for the industry too, and it doesn’t involve taxing anybody.”

Killin was quick to add, though, that it would be hard to complain if the bond did add construction jobs to the private sector.

“My hope is that these bond dollars will spread to private industry – contractors and construction professionals and not to more public sector employees (or bureaucrats),” Killin said.

For his part, Mike Salsgiver, executive director of Associated General Contractors’ Oregon-Columbia Chapter, said he thinks the bond could be great news for the sector either way.

“Anything that puts people back to work, whether it’s a public or private project, is a good thing,” Salsgiver said. “We are gratified that these projects are moving forward.”

Schoening said her office will look at the best way to spread new contracts across several businesses, should the bond pass.

Part of that could include special considerations for local contractors, she added.

“It’s certainly one thing we’re looking at,” Schoening said.

If the bond were to work out the way school officials hope, the $548 million would be the first step in a plan to overhaul all the schools in the district.

The first eight schools slated for major overhauls are Roosevelt, Cleveland and Jefferson high schools; Faubion, Laurelhurst, Marysville and Rigler K-8 schools; and Markham Elementary School.

Money also would pay for modernization of Lincoln High School in downtown Portland, according to the proposal.

Schoening said that and other work at the other 78 schools would include pretty much every construction trade area she can think of.

“We have some work particularly set aside for boiler replacement, some for ADA, some roofing work, some play structure work, some covered play area work, some site work that will involve landscaping and landscape contracting,” Schoening said. “This could be a tremendous boost for the sector.”