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Board adopts bond parameters, authorizes first issuance; agrees to sell small district parcel in Cumbre Vista to Colorado Springs
Summary
Trustees approved parameters for the first issuance of voter-approved general obligation bonds and authorized a real estate purchase agreement to sell a 5.75-acre district parcel in Cumbre (Cumbra) Vista to the City of Colorado Springs parks department, which has first right to purchase.
The Academy District 20 Board approved parameters that will allow the district to sell a first tranche of voter-approved general obligation bonds and separately authorized a purchase agreement to sell a 5.75-acre parcel the district owns in the Cumbre/Cumbra Vista area to the City of Colorado Springs.
Board members approved a parameters resolution (18-25) that staffs said is needed to set terms and limits for a planned bond sale. Board documents estimate an initial issuance of about $36.14 million for district-building projects that can meet the state requirement to spend 85% of proceeds within three years; the paperwork also includes up to $2 million in the first issuance to pay for the design work for Air Academy High School (federal funding will cover the remaining design cost). Trustees emphasized that the paperwork authorizes sale but does not force the district to sell.
At a separate agenda item, district staff presented an agreement to sell a 5.75-acre parcel in the Cumbre/Cumbra Vista neighborhood that the City of Colorado Springs parks department has first right to purchase under city code. Staff said school property values are calculated differently than parks land; after negotiation the city offered a parks valuation and the proposed sale price is about $790,000. The district will bring final closing documents to the board for approval before the transfer is completed; the agreement allows time for due diligence including environmental review and title checks.
Board members said the two decisions together reflect facilities priorities: the bond framework will fund multiple district and charter projects over two issuances, and the land sale converts unused property into cash for district capital needs. Trustees voted to approve both the bond-parameters resolution and the purchase agreement by roll call. Missus Kans, Missus Shandy, Mister Wilburn, Missus Yanez and Mister Salt voted aye on each.
Administration said the district anticipates a second bond issuance in a future year for remaining projects when the district is ready to meet the 85% spending threshold. Legal counsel and bond counsel prepared the bond documents and will finalize figures and closing details on the day of sale.
