San Ramon Valley Unified board approves purchase of Crow Canyon office building to generate general-fund revenue

The San Ramon Valley Unified School District Board of Education on a 5-0 vote approved a purchase-sale agreement to buy 3130 Crow Canyon Place in San Ramon for $18 million, directing staff to enter due diligence and pursue financing to complete the transaction.

Superintendent CJ Kamik told trustees the plan is intended to convert restricted assets into ongoing general-fund revenue without using general-fund dollars for the purchase. "The finances used to purchase this building pending approval and completion, none of them come from the general fund," Kamik said, adding that rental income from the property would be unrestricted and could be used for district priorities directed by the board.

Assistant Superintendent of Business Services Danny Hillman described the structure: a 60-day purchase close (with a 30-day due-diligence window extendable to 45 days), an $8 million deposit drawn from restricted facilities/RDA funds, and a seller-held $10 million note while the district markets a certificate of participation (COP) to raise the remaining financing. Hillman said the district would occupy roughly 20,000 square feet (about 25% of the building) and rent the remainder; the staff estimate of net rental revenue is…