Nick Brossoit must be the envy of his fellow public school superintendents. Because his district owns valuable land around Alderwood mall, the Edmonds School District is presenting voters with a bond issue that’s a true bargain.
Here’s the deal: If voters approve a $140 million bond measure on Feb. 7 to build a new Lynnwood High School, renovate Meadowdale Middle School and fund $16 million in capital improvements at other sites, the district will match that amount, using proceeds from land leases and property sales.
The extra $140 million would renovate Alderwood Middle School, Madrona K-8 School and Lynndale Elementary, relocate the district bus/maintenance facility, warehouse and administrative offices, move Scriber Lake High School into the current administrative offices near Edmonds Community College, and take care of other projects.
The $140 million match is an estimate; the final figure and timing of the latter projects will depend on how much the district gets from its land leases and sales.
The key to making this work is having money to build a new Lynnwood High School, at a site on North Road the district already owns. The current school, which was built for a 30-year lifespan in 1969 and is wearing out, would be torn down. The land would be leased to commercial developers, who are lining up for a shot at the prime property across the street from the mall. The district also would lease the site of its current bus/maintenance facility, located on the opposite side of the mall from the current Lynnwood High.
And thanks to the recent explosion of commercial development at the mall and elsewhere in the district, taxpayers won’t be asked to pay more than they do now. In fact, even if both the bond and a maintenance and operations levy pass on Feb. 7, taxpayers will actually see their tax rate fall slightly, then gradually fall further in coming years.
Passing the levy should also be an easy call for voters. It replaces the current one, which funds about 19 percent of the district’s operating budget. Without it, the district would be dependent almost exclusively on state funding, and would be forced to lay off staff and cut valued programs.
The Edmonds School District has figured out a way to leverage its property assets in a way that lets taxpayers pocket the savings. Offered a deal like that, voters should answer with an enthusiastic yes.
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