SIMI VALLEY : Financing Plan for School Projects OKd
The Simi Valley Unified School District would build a new stadium at Royal High School, upgrade the stadium at Simi Valley High School and construct two gymnasiums and a multipurpose room at three junior high schools under a bond plan tentatively approved Monday by the City Council.
Acting as directors of the city’s redevelopment agency, the council endorsed a plan to release the school district’s share of local renewal funds to finance up to $12.5 million in construction projects.
Under the proposal, the district would issue bonds to pay for the new buildings and use redevelopment funds to repay the principal and interest to the bondholders over about 30 years.
“It’s something I support,” Mayor Greg Stratton said. “It’s a win-win situation for the community.”
Stratton instructed the city staff to prepare a funding agreement and return it to the council June 22 for a final vote.
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