Moorpark Board Approves $6.8-Million Loan to Build Elementary School

With the city’s nine schools at capacity and many students forced to attend class in temporary trailers, district officials already know they have to build new schools--what they don’t know is how to pay for them.

At a meeting Tuesday night, the school board voted 3 to 2 to take out a $6.8-million loan to build an elementary school without knowing just where it will find the money to repay the loan.

The school would be built at the site of Moorpark’s old high school off Casey Road.

With interest on the loan and the expense of supplying a new school, the total cost is expected to be several million dollars above the loan amount.

School Supt. Tom Duffy, who pushed for the loan, said there are a number of possible sources for money the 6,500-student district could tap into, but none is guaranteed.

Duffy gave a rough estimate of about $11.4 million in future revenues that would come into the district’s coffers from such things as fees charged developers for planned new construction, the sale of district-owned property, and money from a state school construction program.

But he added that none of those sources were a sure thing.

“I cannot give you those kind of assurances,” Duffy told the board.

Looking at the district’s experience with growth, Duffy tried to show that it has always been able to come up with money for school construction.

In the 1980s, Moorpark was one of the state’s fastest-growing communities and school enrollment surged. The school district was able to meet that growth by building six schools, bringing the city’s total to five elementary schools, two middle schools, Moorpark High and a continuation school.

During those years, the district was fortunate to receive more than $55 million in state funds to help build six schools and stay ahead of a more than fivefold increase in student enrollment.

“We didn’t know all the answers then,” Duffy said. “[But] we made the decisions we had to make. That’s what we call leadership.”

His discussion swayed board members David Pollock, Tom Baldwin and Greg Barker, who all said it was vital that the district get a jump on anticipated growth.

Planners have already said that over the next 20 years, Moorpark will again likely be among the fastest-growing cities in Ventura County, and district officials worry that such growth will overtake their ability to absorb new students.

But two board members--Clint Harper and Gary Cabriales--voted against the loan because it could put the district at risk financially.

“I look at these kinds of things like a puzzle, and all the pieces have not fallen into place for me,” Cabriales said. “In incurring 100% of the risk, I want 100% assurance that we can meet that obligation.”

Although Duffy said his estimates of future revenues were conservative, Cabriales pointed out that many of the estimates were iffy at best.

For example, the single largest source of future revenues--about $7 million--was estimated to come from developers fees, but most of the seven planned housing developments from which the money would come are still in planning stages.

One of those projects--the 110-home Braemar development--is planned for land the district hopes to sell for about $3 million--another large chunk of the projected future revenues.

“The Braemar development is a big question, and that’s $3 million,” Cabriales said. “I don’t get all warm and fuzzy about it.”

Cabriales and Harper recommended that the district wait a year to determine whether the planned developments were more likely to go forward before committing to taking out a loan.