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Meeting Date:
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3/28/2023 - 5:00 PM
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Category:
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Adoption of Consent Agenda
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Type:
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Action
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Subject:
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Approval of Colorado Omnibus Amendment to Building Excellent Schools Today (BEST) Grant Documents
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End Statements:
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Enclosure
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Attachment #1: Resolution to Approve Omnibus Amendment
Attachment #2: Colorado BEST 2023 Douglas County Schools Omnibus Amendment
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File Attachment:
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Summary :
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In 2010 the District applied for and received a lease purchase grant from the State of Colorado’s Building Excellent Schools Today Program (“BEST”) to finance life safety upgrades for Douglas County High School. Douglas County School District (DCSD) property located at 312 Cantril Street, Castle Rock, Colorado was used as lease purchase collateral for this grant.
On August 23, 2022, the Board of Education approved a resolution declaring the Cantril property surplus based on the Long Range Planning Committee’s (LRPC) evaluation and recommendation since this property is not needed within the foreseeable future for any purpose. On November 15, 2022, the Board of Education also approved a contract to sell this property to the Town of Castle Rock for $3,525,000. The Town of Castle Rock indicates that the intended use of the property will be for public use and benefit the community.
In order to clear the encumbrance on the Cantril title as a result of the BEST grant and sell the property to the Town of Castle Rock, an Omnibus Amendment is needed for DCSD to substitute another property for the collateral for this grant. District staff has identified the Venture Academy for Leadership and Entrepreneurship (VALE) property as the substitute, which the District recently acquired from Arapahoe Community College. This property is located at 15653 Brookstone Drive, Parker, Colorado 80134 and meets the requirements for fair market value, useful life, and essentiality as set forth in the BEST Grant Documents. In addition, because this property was recently acquired by the District, there is current due diligence available to satisfy the State in connection with the substitution process.
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Funding:
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Recommendation:
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That the Board of Education approve the Omnibus Amendment to Colorado Building Excellent Schools Today (BEST) Grant Documents under adoption of consent agenda.
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Approvals:
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Recommended By:
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Signed By:
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Richard Cosgrove - Chief Operations Officer
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Signed By:
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Mary Kay Klimesh - General Counsel
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Signed By:
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Erin Kane - Superintendent
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