Eh, depends on the size of the school and exactly what would be involved. If they're having to do construction to get rid of/change bits, that can be a nice extra chunk of change. More stuff getting things square administratively, both in the school's immediate area and places outside... there's probably more than one college grad running around that can tell you exactly how fun things get when their high school or college changes names and they try to get/transfer into another joint that didn't get the message.
That said, yeah, it does still seem pretty high if it's a school in an already underfunded area. Would half guess they're planning on funding parts of it with grants or summat, which could very, very easily cause the total amount spent to hike up pretty hard. It's pretty common you don't really get anything beneficial if you only use part of a grant's funding... sometimes there's even penalties for it. So a school/program wanting/having to fund something they want done that way can result in what looks a lot like wasteful spending.
... which it kinda' is, but it's basically not the school's fault, and not doing could end up even more wasteful (for the school or whatev', anyway, if not whoever's providing the money).
Though. Now that I actually check. Signage, uniform changes, revamping facilities*, yeah, that looks like it might not be terribly out of line. There's also the fact that the article used the good ol' weaselshite "up to", which says probably worse than nothing about how much the school actually intends to spend and lets the article writer throw out a big number to piss people off draw attention to the reporting.
* Which sounds a lot less like, say, repainting the walls to change the name, and more like using the name change as an excuse to upgrade. It's well worth noting that kind of thing is not uncommon for schools, particularly underfunded ones. Sometimes it's the only way you can get the jackasses holding the purse strings to fork over money for stuff like vital repairs.