| CUSDWatch: Eyes Wide Shut! |
CUSD looking for new revenue streams in all the wrong places.
No Trustee Reardon... and Trustee Jones leaves the dias unannounced. In a 5-0-2 vote Trustees approved $26 million in NEW DEBT to fund solar projects at six high schools and the District offices in a legally questionable "Lease - Lease Back" arrangement.
Find out what's happening in San Juan Capistranofor free with the latest updates from Patch.
Reminiscent of CUSD's $52 million dollar administration building dubbed the "Taj Mahal"; CUSD is looking for new revenue streams to keep the District above water. Newly released Facilities Conditions Assessments show that the District needs $200 million in emergency facilities repair and maintenance. $96.5 million in "Currently Critical" and $90 million in "Potentially Critical" repairs and maintenance according to the Facilities Condition Assessment District wide Executive Summary Final Report.
Trustees have not even approved the actual solar projects yet, but have already approved the CREB financing and gave staff the go-ahead to unilaterally negotiate the Lease- Lease-back agreements using Capo Valley High School as Collateral.
Find out what's happening in San Juan Capistranofor free with the latest updates from Patch.
CUSD staff is also working on three other land deals - the goal to generate on-going revenue streams for the district:
- Pacifica San Juan in San Juan Capistrano
- The South Bus Yard in Dana Point
- Paseo de Colinas in Laguna Niguel
The goal of these three developments is to partner with a developer who can then build low-income, high density housing on the parcels, which will provide lease income to the district as well as allow CUSD to offer subsidized housing to District Staff.
Documentation November 8, 2017 CUSD BOT Meeting
No Blue Cards
Closed 8:26 pm
There is no Supporting documentation for this Item in the Agenda.
However, the following two Items are related:
Agenda Item #35 UPDATE ON SOLAR ENERGY PROJECTS
Agenda Item #36 Authorize $26 million in CREB Bonds
Agenda Item #37 Lease- Lease Back Solar Project Capo Valley As Collateral
RELATED ITEM: Agenda Item #35 Up-date on Solar Energy Projects
Board Meeting Agenda page 767
Board Audio at 106:22
Board Audio at 107:07 Presentation by ARC
This was an Information/Discussion Item Only - No Action Was Taken
RELATED ITEM: Agenda Item #36 Authorize $26 million in NEW DEBT - CREB Bonds (Clean Renewable Energy Bonds)
Board Meeting Agenda page 788
Board Audio at 188:16
Board Audio at page 189:00 Superintendent and Board Comments
Trustees having trouble understanding Lease - Lease Back Financing
Board Audio at page 193:00
Motion by Trustee Pritchard
Second by Judy Bullockus
Resolution No. 1718-24 passes 5-0-2 (Trustee Reardon Absent - Trustee Jones left the room unannounced)
RELATED ITEM: Agenda Item #37 Lease- Lease Back Solar Projects using Capo Valley High School as Collateral
Board Meeting Agenda page 788
Board Audio at 193:03
Moved by Trustee Pritchard
Second by Trustee Bullockus
Passes 5-0-2 without discussion (Trustee Reardon and Trustee Jones absent)
Resolution No. 1718-25 page 1052
Site Lease page 1056
Certificate of Acceptance page 162
Exhibit "A" page 1063
Lease Agreement between CUSD and CUSD School Facilities Corporation page 1064
Certificate of Acceptance page 1099
Exhibit "A" Semi-Annual Lease Payment Schedule page 1100
Exhibit "B" Description of Property page 1101
Exhibit "C" General Description of Project page 1102
Exhibit "D" Lease Supplement Form page 1103
Exhibit "E" Form of Certificate of Addition of Project page 1005
Trust Agreement by and Among US Bank - CUSD - CUSD Facilities Corporation page 1106
Form of Assignment page 1177
Form of Series B Certificate of Participation page 1178
Form of Assignment page 1182
Exhibit B-1 Form of Written Delivery Cost Requisition page 1183
Exhibit B-2 Form of Written Project Cost Requisition page 1184
Assignment Agreement by and Between UCSD Facilities Corporation and US Bank National Association page 1185
A Description of property page 1191