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School foundation says leasing unused classrooms is needed after $40,000 lease cut
Summary
Representatives of the Great Expectations Foundation told the planning commission they cut the school's lease by $40,000 and are seeking to lease unused space to office tenants to cover mortgage and operating costs.
Howard, speaking for the Great Expectations Foundation, described a funding gap that led the foundation to reduce the school's annual lease by $40,000 and to seek tenants for surplus classroom space. "The foundation actually reduced their annual lease by $40,000 for next year," he said, and added that the foundation also relies on pledged gifts and unsecured notes to cover debt.
Commissioners and staff pressed for more details about backup plans if leasing does not cover the shortfall and noted constraints on what uses are permitted in the site's current R-1 zoning. Howard said the building has additional unfinished upstairs space (about 4,000 square feet) that could be completed for tenants. He also said potential tenants had even included a prospective cannabis operation, which zoning would prohibit because of the property's school status.
The planning commission did not take formal action on the foundation's finances; instead staff and commissioners asked the foundation to work with planning staff while the commission considers code language and a map amendment as part of the public hearing process.
