Purchase of the property
Some have a misconception the Broadway Middle School purchase would require a bond needing approval by voters. This is not the case. SEPRD has access, through our association with Special District Association of Oregon (SDAO), to funding with low interest rates and a manageable repayment schedule..
The District currently has $234,000 in the building additions fund. This amount would be enough to carry the loan for two full years, without any further investment from the operating budget or any revenue. In other words, we do not need a bond to purchase the building or manage it at this time. In time, the District will develop a master plan for the full usage of the property.
Value of the Broadway Property
Spurred by community feedback about a need for additional indoor space, SEPRD has been actively seeking ways to expand facilities over the past 5 years.
Some have a misconception that in 2018, SEPRD proposed a purchase of the Broadway Middle School building. This was not proposed at that time, but rather was used as a comparison for the 2018 Renovation & Expansion Proposal. In 2013, it was proposed that the Seaside Golf Course be purchased, but this acquisition was not pursued.
Negotiations are ongoing for the BMS purchase. The Parks & Rec District has made an offer, and the Seaside School District has accepted. We are now in a due diligence stage (NOTE: SEPRD has requested a 30 day extension of the due diligence period. The due diligence period includes building inspections, strategic planning, and fiduciary analysis.)
Sustaining and Renovation Revenue Sources
The following planning document has been prepared to track, discuss, and provide visibility to the financing strategies under consideration by the SEPRD Board and Staff in planning for a potential purchase of the Broadway Middle School property.
Note: this a chart assembled to indicate OPTIONS ONLY - and does not indicate the intent of Staff or Board. This chart is under development, so please check back for updates.
Sustainability (On-Going Costs)