CYPRESS : Land Swap to Mean Money for Schools

The Redevelopment Agency and Cypress Elementary School District unanimously agreed this week to swap properties so the school district can make money.

It is the second time the city and the school board have exchanged the same land.

The city gave the district 2.3 acres on Grindlay Street, and the district gave the city 2.3 acres on Wicker Drive.

The district will earn 60% of the profit made by a developer who plans to build affordable housing for senior citizens on the land the district received in the most recent exchange.

Three years ago, the school district and the city exchanged the same property.

Developers now are planning to build 123 units of affordable housing for senior citizens on the school district property. There are 409 people on a waiting list for the homes.

Once the units are occupied in 1995, it is estimated that the school district will receive about $150,000 annually from rent. The district plans to put that money in its general fund to pay for instructional programs.

The Cypress Education Foundation, a nonprofit organization that raises money for the school district, will be given authority to deal with the developer, Supt. William D. Eller said.

“I think (the land swap) is a unique agreement that involves the city, the Redevelopment Agency, the school board and the foundation,” he said. “We have four entities cooperating to create a development project that will benefit seniors and Cypress elementary school children.”

The city, which has reacquired its 2.3-acre lot on Wicker Drive, now owns a total of 4.5 acres of undeveloped land on that street.