District expects $40M land‑sale and Oakpoint mitigation financing to fund school construction
The board heard that a $40 million land sale to Oakpoint, plus an agreement to borrow up to $25 million of mitigation fees (with a $3 million recreation contribution), will fund much of the district's capital projects related to the new school.
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Mr. Fletcher told the board that the district expects approximately $40,000,000 from a land sale to Oakpoint that will arrive when the buyer's building permit and closing conditions are met in September. He described a financing structure that also includes borrowing up to $25,000,000 in mitigation fees from Oakpoint, with the developer accepting the risk of future fee collections.
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