Board authorizes study of Monticello and Martinson parcels as options for revenue or exchange

The board unanimously approved a staff recommendation to proceed with additional due diligence on two district parcels — Monticello (about 8.75 acres) and Martinson (about 1.2 acres) — as possible candidates for redevelopment, ground lease or exchange.

Consultant Scott Sheldon of Terra Realty Advisors outlined conceptual scenarios and conservative market-value ranges. For Monticello he presented example development options (market-rate multifamily, townhomes, detached single-family), gave an illustrative range for land-exchange value in the mid tens of millions, and noted that a mixed-use or single-family path would reduce impacts on adjacent neighborhoods.

Sheldon summarized the typical choices available to public agencies: hold for future district use, sell, do a long-term ground lease, run a development RFP, or exchange the land for income-producing property; he cautioned that each option has tradeoffs — sale/exchange delivers immediate capital, while ground leases preserve ownership but typically yield lower upfront value. Trustees approved moving forward with site-plan work, zoning conversations and additional environmental/title checks (estimated study costs $25K–$30K from facilities funds).