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Board reviews financing scenarios for staff‑housing land purchase as parents urge keeping Measure T greening funds
Summary
Staff presented options to finance purchase of the land under the district’s staff housing development — including certificates of participation (COPs), reallocation of Measure T projects and use of developer fees — while many parents and community groups urged the board not to divert Measure T greening funds.
District staff and outside financial advisors presented multiple options on Feb. 13 for financing a potential purchase of the land under the staff (workforce) housing development. The presentation outlined hypothetical COP (certificate of participation) structures and how the district might reallocate Measure T funds, developer fees and other capital resources to cover between $10 million and $30 million in potential purchase costs.
Doctor Westover, director of facilities, told the board the conversation was informational and that no single option had been selected. She explained the district is currently paying a ground lease of roughly $1.9 million per year (with annual CPI…
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