Update to Lake City Property Issue
Via Director Peaslee, new info from Ron English, legal counsel for the district about the Lake City property (and thank you to Mr. English for this detailed explanation).
It's quite long and detailed and I am printing it in its entirety. I still have my three main issues with this idea:
- should the district be in the property management business at all? It is not a core purpose of the district.
- Mr. English's statement says that the district's real estate adviser says:"annual returns over a 20 year period of at least $400,000 can be expected and that the negotiated agreement represents a fair result to the District."
However, there is no guarantee for the amount the district could earn and we have all seen what effect downturns in the economy can have on deflation of real estate. My advice would be that if the district goes down this road to make NO plans around this money. Meaning,"oh, we have $400k from this so we can pay for Program X from it."
Also, keep in mind that money borrowed from the Community Schools fund would need to be paid back into the
It's quite long and detailed and I am printing it in its entirety. I still have my three main issues with this idea:
- should the district be in the property management business at all? It is not a core purpose of the district.
- Mr. English's statement says that the district's real estate adviser says:"annual returns over a 20 year period of at least $400,000 can be expected and that the negotiated agreement represents a fair result to the District."
However, there is no guarantee for the amount the district could earn and we have all seen what effect downturns in the economy can have on deflation of real estate. My advice would be that if the district goes down this road to make NO plans around this money. Meaning,"oh, we have $400k from this so we can pay for Program X from it."
Also, keep in mind that money borrowed from the Community Schools fund would need to be paid back into the