DENISON, Texas (KTEN) — A Grayson College committee comprised of taxpayers, business owners, alumni and others started planning a bond package in December.

Soon, Grayson County voters will decide the fate of the $456.5 million proposal.

"I think it's going to balance that growth in our region as we're trying to keep up with demand," said Dr. Debbie Plyler, a member of the Grayson College Board of Trustees.

The spending plan includes two phases. Some of the funds would go toward a new residence hall, along with campus renovations and building out new classrooms.

"Think about HVAC, and welding, and those types of programs," said college President Dr. Jeremy McMillen. "Also adding semiconductor and chip manufacturing space."

One of the first projects would a new health sciences building.

"We know that one local hospital needs 120 and another one that needs 20 to 50, and that's a demand you see everywhere," McMillen said.

He emphasized there will be no increase to the county's overall tax rate if the bond wins voter approval.

"The next phase of the expansion would be on the south campus, and then some of the other infrastructure things we would do here," McMillen said. "Those would only occur if the economy grew as we anticipate it will; if it grows faster, we will be able to move faster... if it grows slower, we'll slow down."

Grayson County voters will see the bond package on their ballots for the May 4 election. The school has established the graysoncollegebond.com website with more information about the plans.