In a move that strengthens its long-term commitment to school district employee workforce stability and housing affordability, MVWSD announces it is in the process of purchasing the land beneath its staff housing development building located at 699 N. Shoreline.
The purchase is a strategic investment that ensures below-market-rate housing for employees while reducing future operating costs. Buying the land under the building solidifies the housing community — MVW at the Sevens — as a long-term asset for the school district, employees and the community. Previously, the housing project was built on leased land, which presented financial limitations over time. Owning the land outright enhances the long-term viability of the project.
Specifically, the land purchase:
- Eliminates the $1.9 million cost of the annual land lease, which escalates over time
- Gives MVWSD greater control over the property as the landowner
- Enables greater financial flexibility and long-term sustainability for MVW at the Sevens
The District’s purchase price for the land will be $53.5 million, relieving MVWSD of any ground lease payments (past or future).
Funding for the purchase will come from a combination of current MVWSD funds and financing without affecting current student programs and services. MVWSD will contribute funding from its facilities and Capital Outlay funds, as well as funding from Measure T projects that will be paused. The District will also finance a portion of the purchase through Certificates of Participation (COPs), similar to a loan.
“MVWSD’s staff housing project is an ambitious and complex initiative aimed at tackling a major challenge: the high cost of living in our area,” said Superintendent Jeffrey Baier. “By providing affordable workforce housing options, we are ensuring that the staff members who shape our children’s futures can continue to live and work in the community they serve.”
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