Financial Information

Financial Analysis and Impact on Tax Rate

The staff report in the Referendum Ordinance includes a snapshot of the project background and fiscal impact.

The "white paper" report gives an in-depth summary of the funding plan, the fiscal impact, and underlying assumptions of the school cost and commercial development. The range of tax impacts with and without the land sale/lease reflecting future potential tax yields is expected to be between 4 cents to 15.5 cents on the Real Estate Tax Rate. The impact on the Real Estate Tax Rate is heavily dependent upon the successful marketing and sale of the ten acres of existing campus land and the potential tax yields from commercial development on the school campus site.

Economic Development Possibilities

The feasibility study by Alvarez & Marsal concluded that the 10 acre commercial site supports approximately $43-45 million in value, based on a few assumptions. The assumptions (page 9) include the developer providing $10 million in up-front payment and $3 million in proffers.

Planning for Economic Development on the Site


The City's Planning division manages the Small Area Plan, which provides a framework for economic development on the high school campus. Some work toward this goal has already been done through an Urban Land Institute Technical Assistance Panel (ULI TAP) and joint City government and public school committees.

Timelines


This document shows the anticipated schedule for the projects if the November 2017 referendum passes:

School Construction Timeline
  • December 2017 through March 2019: High school design and permitting
  • March 2019: City issues first half of construction bonds, with remainder of bonds sold in 2020
  • Spring 2019 – Summer 2021: Construction of the high school
  • September 2021: New high school opens

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