The elephant in the room:
According to the staff reports, the final value for Crystal Springs Upland School, if built on Davis Drive, in Belmont, would be $30,000,000.
The total current value of the two empty buildings on Davis Dr that CSUS would be replacing is $14,901,932. (approx half)
Because CSUS is a non profit they will NOT be paying the 1% of the 30 Million in General Property Taxes – amounting to $300,000.
So here is the elephant:
Right now, the two empty properties on Davis Drive pay a total of $149,019/year in General Property Tax.
Belmont General Fund receives $14,331 each year from that $149,019 amount.
Here is only a partial list of the various agencies that currently receive from the two empty buildings on Davis Dr from the General Property Tax:
Belmont-Redwood Shores School District $29,412
Sequoia High School District $22,310
San Mateo Community College $9,688
Belmont Fire District $23,722
Sequoia Hospital District $2,091
City of Belmont $14,331
County of San Mateo $33,859
And many more agencies totaling $149,019/year.
So if we take the city of Belmont out of $149,019, the rest of the agencies currently receive $134,688/yr.
Ok, now let's double that for CSUS since their new property will be valued at $30 million. Thus the rest of the agencies should get (if CSUS were not a non-profit), $269,376.
But because CSUS is non profit, THEY WILL EACH GET ZERO – Belmont Redwood Shores School District gets zero money, Sequoia High School District gets zero money and so for.
Now, of the $250,000/year that CSUS promises to give the city, you can be sure that some of these agencies will request their fair share or at least they should.
Will the council have the generosity to share the $250,000 with these agencies?
Will CSUS make it whole by giving each agency above the money that they would be losing by CSUS coming to Belmont?
That remains to be seen.
Very few people have mentioned this and I believe your readers need to know how much these agencies would lose unless the city council shares the $250,000 or if CSUS puts in more money besides the $250,000/year to the city alone to make these agencies whole.
I am a very strong supporter of our public school system as I know most of you are, and they cannot afford to lose the money that they are getting now even from the two empty properties on Davis Drive.
So do you think the City ought to share the $250,000/year money and/or CSUS pay extra money to these districts?
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