District outlines $40M land‑sale and Oak Point financing to support school construction

During the budget presentation, Kyle Fletcher explained major capital‑projects revenues that will support school construction, including a land sale and a fee‑mitigation financing arrangement with Oak Point.

"The $40,000,000 comes from the land sale," Fletcher said, describing an agreement to convey a larger site back to Black Diamond LLC (identified in the presentation as Oak Point) with closing expected in mid to late September if the building permit is issued on schedule. He added the district also has a financing arrangement to receive up to $25,000,000 in mitigation‑fee proceeds earlier than they would otherwise be collected; Fletcher said Oak Point is taking the repayment risk if mitigation fees do not materialize.

Fletcher said a portion of those capital receipts will pay for most of the district’s construction needs in 2026–27 but that some state SCAP funding and additional mitigation receipts are expected later in the fiscal year. He cautioned that timing of permits and developer payments will determine when funds are available for disbursement.