
Here's what you can expect in the yet-to-be-posted agenda for the Thursday, May 8, WJUSD Board of Trustee's meeting:
Item I. Board Action 1-B Approve Lease Agreement with Option to Purchase for property located at 435 Sixth Street, Woodland, CA (Parcel No. 006-122-07) [a.k.a. the Blue Shield building].
Under this item, yet another district stooge might present to the trustees a cardboard box filled with lame props. This time, however, it won't be rubber balls or antiquated slides as part of the amateurish sideshow. It will be a foolish display of numbers that will leave all reasonable citizens shaking their heads. The only ones applauding the presentation orchestrated by the jester (a.k.a. superintendent Jacki Cottingim) will be a small band of irrational marionettes (a.k.a. trustees Carol Souza Cole, Bill Beerman, Rosario Ruiz-Dark and Elaine Lytle).
Proponents Souza Cole, Beerman, Ruiz-Dark, Lytle and Cottingim will finally get their magical castle after more than a year of smoke-and-mirrors. They will take advantage of the expected absence of trustee Warren Berg, one of the three opponents of the lease-purchase agreement. Please note the recent strategic delays of the item caused by proponent absences.
Frank Glover and Rogelio Villagrana are the other trustees who oppose the lease-purchase agreement. When you see the numbers culled from the contract, you will see why:
Assessed valuations of the property: $3,609,056
Purchase price of property in First Option Period: $5,430,000 (Base Price)
Period ends on January 1, 2009 or city certification of occupancy, whichever occurs earlier
Purchase price of property in Second Option Period: $7,670,000 (Base Price plus Total Project Costs - Tenant Improvement Costs of $2 million and Leasing Commission of $240,000) plus any prepayment penalties.
Period includes three years following expiration of First Option Period.
Purchase price of property in Third Option Period: $7,670,000 (Base Price plus Total Project Costs)
Period includes 90 days following expiration of Second Option Period.
Purchase price of property in Fourth Option Period: $8,670,000 (Base Price plus Total Project Costs plus an additional amount of $1 million)
Period includes four years plus 90 days following the expiration of Third Option Period.
Tenant improvement costs financed by owner: $2,000,000
Leasing commission reimbursed to owner through rent: $240,000
Security deposit paid to owner: $250,000
Rent: Lease years - annual rent (monthly rent)
1 - $445,000 ($37,083 monthly)
2 - $458,300 ($38,192)
3 - $472,101 ($39,342)
4 - $508,586 ($42,382)
5 - $523,844 ($43,654)
6 and 7 - $539,559 ($44,963)
8 to 12 - $581,131 ($48,428)
13 to 17 - $673,691 ($56,141)
18 to 22 - $780,992 ($65,083)
23 to 27 -$905,384 ($75,449)
28 to 30 - $1,018,424 ($84,869)
Yes, you've figured correctly. The term of the lease shall be for thirty years. It will commence on July 1, 2008. The current lease of the Cottonwood building, present home of the district offices, is about $234,000 a year. Owners of the building previously stated that they would have extended the current lease if the district had requested it.
Information added on Sunday, May 4, 2008:
Cottonwood Plaza square footage: 30,000
Blue Shield square footage: 40,000 (133%)
Approximate full time employees at district in 2008: 88
District estimation of needed employees in 2015: 111 (126%)
Comparison: Turlock's population is 69,321, about what Woodland will be after the Springlake build-out. Their student enrollment is 13,944. They have 44.1 FTE admins (Per Pupil: 316.2) and 42.9 FTE Pupil Service staff (Per Pupil: 307.3). That's 87 FTEs in the district office. Currently, WJUSD has about 48.1 (Per Pupil: 222.2) and 39.6 FTE Pupil Service staff (Per Pupil: 269.9). That's 87.7 FTEs in the district office. Turlock serves over 3,000 more students with the same amount of district office staff.