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.
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.
Alvarez & Marsal also conducted detail a proposed strategic roadmap that the City would take to market the 10 acres for commercial development (if the referendum is approved). The summary timeline is as follows:
December 2017 through February 2019: Final planning, zoning, and marketing of 10 acres of campus property for commercial development
February 2019: City enters into master development agreement for the lease or sale of 10 acres of campus property, prior to the issuance of bonds to finance the construction of the school
Spring 2019 through Summer 2021: City considers land approvals and site plan approvals for commercial development
September 2021: Developer takes possession of 10 acres of campus land for commercial development and the existing high school is demolished
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.