On Saturday, November 19, from 9:30 to 12:30 at Emery Bay Village's Community Room (off of 53rd St. between Hollis and San Pablo Ave.), all are invited to attend the 4th design workshop for the Center of Community Life. The project is moving quickly, with an additional $15 million of school bonds sold in October, and a fall 2014 opening planned for the first phase (2 years earlier than originally planned). Community input is shaping the form and structure, and I encourage all stakeholders to attend and add your voice to the project. There has been strong turn-outs at the previous 3 workshops, and the evaluations are high! Go to emeryvillecenter.org for more information.
The plan for the project and timing is evolving as the economy continues to challenge communities. Originally, the $120 million project was to be funded in one phase with $95 million from school bonds authorized by Measure J in November 2010 and $25 million from the Emeryville Redevelopment Agency. Redevelopment Agency funds are currently on hold while the state's take-away from summer 2011 is challenged in court. We should know the outcomes and how to move forward by January 2012. As for the school bonds, $40 million have been sold, with the last $15 million at a very favorable interest rate for the property owners in Emeryville, and a shorter maturity (which saves on interest in the long-run). The remainder of school bonds cannot be sold at this time as the assessed value of property in town has taken a hit (declined by 7%, not as bad as the 11% hit we had feared) due to vacancies in commercial real estate primarily the Watergate Office Towers, which were foreclosed on last year. The good news is that businesses are moving into those offices now, and the vacancy rate is declining, so in the next few years there is a strong chance that the assessed value for Emeryville will bounce back.
In the meantime, the ECCL project is being altered to consider doing the construction in 2 phases: the first phase for the existing number of K-12 students (approximately 800 students) and the second phase for an increased number of students projected into the future, beginning to grow cohorts starting in Kindergarten in 2015. This way we will only enter into phase 2 once the funds are available and the demand is established. This seems like the fiscally prudent way to continue.
As always, if you have questions, feel free to contact me, visit the website for the project, or contact staff at EUSD.
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