GCPS Board Meeting Summary for July 14, 2005
|The following are highlights of the July 14, 2005, meeting of the Gwinnett County Board of Education. The official minutes of the meeting will be approved by the Board at its next monthly meeting.|
Gwinnett County Public Schools presents Board with Certificate of Accreditation
Staff presented School Board members with a Certificate of Accreditation that was awarded to Gwinnett County Public Schools by the Southern Association of Colleges and Schools (SACS) Council on Accreditation and School Improvement. This certificate acknowledges that all eligible elementary, middle, and secondary schools in Gwinnett achieved SACS accreditation.
Board of Education approves resolution authorizing sale of ISC to provide funding for additional classrooms
The Gwinnett County Board of Education gave the green light to leveraging the Instructional Support Center (ISC) as a means of financing more than 100 more new classrooms. At its July 14 meeting, the Board approved a “sale leaseback” agreement under which it will sell the ISC facility on Old Peachtree Road in Suwanee to the investment partnership of Gwinnett Instructional SC, LLC. The school system will enter into an operating lease agreement with the partnership, which will allow the system to repurchase the ISC any time after July 1, 2008.
According to the agreement, the Board will sell the ISC to Gwinnett Instructional SC, LLC, for $17 million, which is $4.5 million above the Board’s original purchase price of $12.5 million. The sales price represents a 21 percent return to the school system. The investment partnership will then finance an additional $26 million in necessary renovations and improvements, including furnishings and equipment and relocation of the system’s data center, to convert the former manufacturing plant into an instructional support facility. The school system will retain control over all planning and construction related to the conversion.
As a result of the sale leaseback agreement, sales tax revenue that was budgeted for the ISC will become available for building additional classrooms. In addition, the Board’s lease payments will be significantly below the current market rate for comparable properties. The school system’s cash outlay will be minimized, making more funds available for building classrooms. All told, close to $24 million will be freed up, enough to fund at least two new elementary schools, plus possible additions at existing schools.
The sale leaseback agreement will not affect the system's planned move-in to the Instructional Support Center. System leaders anticipate a two-phase move, with many employees moving in December/January and the remainder moving in March.
Board members receive GSBA delegate assembly report
The Georgia School Boards Association (GSBA) annually holds a Delegate Assembly Conference. District V Representative Louise Radloff and District II Representative Daniel D. Seckinger attended this year's conference and provided their peers with a brief summary of the panel discussions and business meeting.