Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Facilities Funding topic
No spam. Unsubscribe anytime.
Board approves purchase-sale agreement expected to increase state funding for future Pambo Elementary site
Summary
Trustees approved a purchase-sale agreement and temporary right-of-entry for the Pambo Elementary site; staff said the arrangement lets the district add half the appraised site value to its state funding application (a 50-04 application), increasing potential state funding for the school project.
The board voted July 16 to approve a purchase-sale agreement and a temporary right of entry during escrow for the Pambo Elementary School site, the first of three school sites north of Byron Highway participating in the program. District staff explained the legal mechanism and how it affects state funding applications.
Staff described a 50-04 application process that allows the district to add half the appraised value of the school site into its state application in lieu of a dedication. "When it goes into the state for state funding for Pambo, 0.5 of the appraised value of that school site is added to what we would get from the state," the staff summary said, noting that the adjustment can significantly increase the state contribution toward school construction. Trustees approved the motion by roll call (4 ayes, no nos, 1 absent).
