Cabrillo Unified School District has just ratified the use of a Lease Lease-back bond agreement with Basch Construction, which will potentially cost the District millions.

These types of agreements are notoriously hard to fulfill, and many School Districts are backing out of these agreements (see the attachments) to the tune of millions of dollars in lost taxes.

"Lease-leaseback design/build projects are constructed pursuant to the provisions set forth in Education Code Section 17406, which authorizes school district governing boards, without advertising for bids, to lease property currently owned by a school district to any person, firm, or corporation for a minimum of $1 per year as long as such lease requires the other party to construct (or provide for the construction of) a building or buildings upon the subject property and that title to the subject property and the buildings vest in the school district at the expiration of the lease. This statutory language requires that school districts first lease its property to a chosen design/build contractor"
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Coastside AFOG,
Sep 19, 2015, 5:27 PM
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Coastside AFOG,
Sep 19, 2015, 5:28 PM