District Details $40M Land Sale and Developer Financing Plan for School Construction
Board heard that the district expects a $40 million land-sale receipt to fund capital projects, a developer-financed mitigation arrangement up to $25 million with Oak Point, and a $3 million Oak Point contribution for recreation amenities; the land sale is expected to finalize by mid-late September if permits are issued.
The full story
During the budget presentation, the business officer outlined capital-project funding tied to a planned land sale and developer mitigation agreement. "The $40,000,000 comes from the land sale," Fletcher said, noting the transaction is expected to finalize in mid- to late September contingent on issuance of a building permit. He described a financing arrangement with Oak Point that advances up to $25,000,000 in mitigation fees and transfers repayment risk to Oak Point if mitigation fees do not materialize from future developers.
Sign up to keep reading.
Your free newsletter brings you what your city council, county, and school board discussed and decided.