District expects $40M land-sale proceeds and mitigation financing to underwrite school construction
Budget presenters told the board the capital projects forecast relies on a $40 million land sale to Oak Point/Black Diamond LLC and a financing agreement allowing up to $25 million in mitigation-fee borrowing plus $3 million in recreational funding from the developer; staff noted the district bears limited repayment risk for the mitigation loan.
The full story
During the capital-funding portion of the budget presentation, staff outlined a financing structure centered on a $40 million land sale and an agreement with Oak Point (Black Diamond LLC) that enables borrowing up to $25 million of mitigation fees upfront. The presenter said the $40 million land-sale transaction should finalize in mid–late September if permitting proceeds as scheduled and that Oak Point is taking downside risk on the mitigation-fee loan structure.
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