The Belmont-Redwood Shores School District Board of Trustees on Thursday received an update showing the district’s bond credit upgraded to a top-tier rating and approved hiring a program and construction manager for Measure P projects.

Chief property officer Matsumoto told trustees the district has been upgraded to a AAA rating from Moody’s, which staff said will reduce borrowing costs for taxpayers. Matsumoto also reported that market volatility after recently proposed tariffs pushed expected interest rates higher and prompted staff to delay a planned public sale of $57.5 million in Measure P Series A bonds. He said the district is monitoring the market daily and expects to sell this year once conditions stabilize.

Why it matters: Measure P funds roof, HVAC and other modernization work across district sites and is the source for a planned district office modernization. A higher credit rating generally lowers the interest cost of borrowing; a postponed sale can shift construction timing for summer projects, officials said.

The board voted unanimously to award program- and construction-management services to TeleQ Construction Management, the district’s recommended firm after an RFP and interview process. The firm will manage tranche 1 projects the district identified for Measure P, including roofs, HVAC, siding at Sandpiper and Fox, parking-lot work at Central and Cipriani, and field upgrades at Ralston and Nesbitt.

Matsumoto told trustees Measure I — a prior bond measure — has about $9.8 million issued, with roughly $5.5 million spent to date, and the district must spend about 85% of that issuance within three years to meet program rules. He said Measure I funds will help cover district office modernization and E-rate technology infrastructure while Measure P issuance is finalized.

District staff said the planned district office modernization will be a substantial, roughly yearlong project requiring temporary office space. Matsumoto said the district is closing a lease for temporary office space and aims to begin construction in late September or October with a planned return to the renovated office in October 2026.

TeleQ introduced its team to trustees and described program deliverables: prioritization and sequencing of tranche 1 projects, program-level budgeting and schedule, and day-to-day construction management to minimize disruption at occupied campuses. TeleQ will work with the district to align roofing and HVAC sequencing so warranties and installations are coordinated.

Action: The board approved a contract to hire TeleQ Construction Management to provide program and construction management services for Measure P tranche 1 projects. The motion was moved and seconded; trustees voted unanimously to approve the contract.

Clarifying details: Matsumoto said staff initially expected a roughly 4.5 percent interest rate when the board set the financing plan; market movement had pushed quoted rates as high as about 5.5 percent in the days before the planned sale. Matsumoto said roofs and HVAC work are priority projects and that some scope and schedule adjustments could be required if material availability or pricing remains volatile. He also said Measure I and E-rate funds provide interim capacity so critical work can proceed if timing shifts.

Speakers in this discussion included CPO Matsumoto, business services specialist Reese, Trustee Chuckie Northrop (participated in interviews), and Blaine Yoder, vice president, TeleQ Construction Management.

Ending: District staff said they will return to the board with a finalized TeleQ contract showing proposed staff and hourly rates and will recommend a new bond sale date when market conditions allow. The board directed staff to continue monitoring markets and to keep trustees informed of scheduling impacts to tranche 1 projects.