Steamboat Springs Steamboat 700 developers say they're willing to pay for as much as half the cost of construction of a new school in west Steamboat.
Representatives from the development group made the presentation during Monday's School Board meeting. There has been an ongoing discussion between the board and developers, and Monday's discussion was the first time the sides have publicly discussed specifics of a potential agreement. Steamboat 700 developers are trying to finalize annexation negotiations with the Steamboat Springs City Council.
Representatives from Steamboat 700 identified three revenue streams that may be included in the development's annexation agreement with the city to help the Steamboat Springs School District build a school for 600 students, grades kindergarten through eight. The building would be built on land owned by the district on the west side of town near the proposed mixed-use development.
"We've come up with the proposal you have before you this evening, the best proposal to help you not have to rely entirely on property tax and bond issues to get a new school built in the west Steamboat area," said Bob Weiss, an attorney representing Steamboat 700.
The amount of money provided through the agreement would come from real estate transfer fees, sales and use tax revenue and the standard property tax.
Superintendent Shalee Cunningham said she appreciated the offer.
The Steamboat 700 team used a set of placeholder numbers as examples for discussion. Weiss said a cost of $24 million for the school and a contribution of $12 million from the three revenue streams were rough estimates. In theory, Steamboat 700 would pay 50 percent of the price during the 15 years it will take to complete the project.
The agreement, if passed by the district, the board and the city, would institute a 1 percent real estate transfer fee, with 30 percent of the fee going to the development of a school.