|
|
|
|
|
|
|
|
|
Meeting Date:
|
6/15/2023 - 7:00 PM
|
|
Category:
|
Information and Study Items
|
|
Type:
|
Info
|
|
Subject:
|
Property Redevelopment: Metzler C and Firehouse Update
|
|
District Priorities:
|
|
|
Enclosure
|
|
|
File Attachment:
|
|
|
Summary:
|
As the Governing Board is aware, the property referred to as Metzler “C”, and the Firehouse properties have closed escrow on a Property Exchange. The final dollar amount that the District received was $10,307,907.44 for Metzler C, and $1,587,752.50 for the Firehouse property for a total of $11,895,659.94. These funds are used for property exchanges in real property investments.
The District has property investments in various Delaware Statutory Trusts (DSTs), and Deeds of Trust on secured property in California. The current annual return on the exchanges totals $676,213. The current net percentage rate of return therefore is 5.68%.
Exchange and Joint Escrow Agreements board approved on:
-October 15, 2020 - Robson Homes, LLC. – Metzler Lot C
-November 17, 2022 - Santa Clara County Firefighters for the Firehouse Property
|
|
Funding:
|
|
|
Recommendation:
|
|
|
Approvals:
|
|
Recommended By:
|
|
Signed By:
|
|
|
Carlena Grandey - Administrative Assistant to the Superintendent
|
|
|
Signed By:
|
|
|
Kristi Schwiebert - Superintendent
|
|
|
|
|
|
|
|
|