Steamboat Springs School Board members again will be asked to approve an agreement with the developers of Steamboat 700 to share the cost of a new school in west Steamboat.
On Aug. 24, board members were asked to approve a "tentative" agreement, but they elected to do so after removing the word "tentative," which was not appropriate, the district's attorneys informed them, Superintendent Shalee Cunningham said Wednesday.
Cunningham said the tentative agreement, the key points between both parties, again would be presented to the board for approval Sept. 14. She said the attorneys for the district and developers, meanwhile, are drafting a "covenant" agreement, the official legal document between both parties. She said that could be completed by the Sept. 14 meeting, in which case it would be presented to the School Board instead of the tentative agreement.
According to the tentative agreement, the school would be needed to educate more than 400 new students as a result of Steamboat 700, a proposed development seeking annexation just west of Steamboat Springs.
Steamboat 700 developers would pay 47.2 percent of the estimated $30 million cost - in today's dollars - to construct the school and expand Steamboat Springs High School. The kindergarten through eighth grade school would accommodate 600 students and cost an estimated $25 million. The high school would be expanded by 17,000 square feet, at an estimated cost of $5 million.
Steamboat 700 would pay for its portion of the project by dedicating a half percent real estate transfer fee to the district. That would be paid until the developer's share of the cost is met, regardless about how long it takes.
The tentative agreement also stipulated that the district would not be responsible for the costs associated with an off-site pedestrian underpass at Routt County Road 42. Title companies would collect the real estate transfer fees and distribute them to the school district, which would deposit them in a separate account that would be tracked and reconciled annually.