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District outlines bridge loan plan as phase 2 funding gap looms
Summary
District staff said Measure J funds leave a substantial gap for phase 2, outlined steps to secure state funding and said a bridge loan will likely be needed; modernization funds (~$1,000,000) and seismic share might cover roughly $3,500,000 toward phase 2, leaving a significant shortfall.
District presenters told trustees the Measure J bond balance and cash available (cited in the meeting as $7,084,005.78) cover the approved phase 1 GMP but leave insufficient funds for phase 2. Presenter (Speaker 4) said the district plans to prepare a "minimum work required" package with DSA to secure a concurrence letter and to submit a full package to the Office of Public School Construction (OPSC) to get on the state's workload list.
The presenter noted modernization funding for kitchen improvements is approximately $1,000,000 and estimated the district's share for seismic mitigation combined could yield about $3,500,000 toward phase 2. He said the district will likely need a bridge loan to reach the remainder and referenced a bridge‑loan planning figure of roughly $44,000,000 to complete the larger program of work. The presenter stressed that placement on the state's workload list would reduce risk but not guarantee state funding.
Trustees discussed timing: the presenter said a DSA back‑check meeting was confirmed for April 7 and that stamp‑out could occur by April 10, after which the district could proceed with applications. The presenter recommended bringing a bridge‑loan proposal back to the board and coordinating with the citizen bond oversight committee and cost consultants to prepare cost estimates for state funding applications.
