South Woods revenue to replenish capital fund

  • Jennifer Aaby<br>Enterprise writer
  • Monday, March 3, 2008 9:57am

SHORELINE — The money the Shoreline School District will receive for the city’s pending purchase of three acres of the 15.59-acre South Woods parcel will go toward maintenance and technology, said Superintendent Jim Welsh.

The school district, which jointly purchased the land with the Shoreline Water District in November 1997, obtained the funding for the initial purchase through a bond that voters approved in 1994. The money was earmarked for capital projects and improvements, so the revenue from the pending sale of the property will in turn also be used for capital projects, he said.

The capital fund balance has dwindled, as is expected as the school district uses the money obtained from the 1994 bond, Welsh said. The pending sale of the three acres, which will be in the range of $500,000 to $700,000, will augment the capital fund balance.

At its June 20 meeting, the school board decided to put a facilities and technology bond measure on the ballot in February 2006, and with voter approval, the sale of bonds would rejuvenate the capital fund balance, Welsh said. Other fund balances, including the general fund, are currently healthy, he said.

The City Council identified an interest in purchasing and preserving a portion of the South Woods property at its July 11 meeting, and because the school board had indicated that it hoped the land would be preserved, the board members are pleased with the city’s interest.

“This is well within the parameters of what the school board has laid out,” Welsh said.

“We feel very positive about the action that the City Council took last week.”

The city intends to purchase the three acres from the school district’s portion of the parcel, and the City Council indicated it would like to purchase the remaining land at a later date. It designated $6 million in the city’s Capital Improvement Plan for this purpose at the July 11 meeting.

Welsh said he expects the school board’s approval on the three-acre sale will happen as early as mid-August.

“It looks like we’re at the start of creating a very positive situation for the community and the school district,” Welsh said.

The property is located near Fircrest School and Shorecrest High School, at NE 150th Street and 25th Avenue NE.

The property has remained wooded since its purchase in November 1997 from the state Department of Natural Resources.

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