School District signs new Wavecrest agreement

The Cabrillo Unified School District has signed a new agreement with Wavecrest Village LLC. 

The purchase agreement, summary, and report from its closed session on July 29 have been posted on the District Web site. You can also view or purchase signed copies of the agreement at the District office. The terms of the agreement have shifted in favor of the developer:

• The amount of land the District receives drops from 25 specific acres to 23 acres that are less clearly defined. There is no estimate given in the summary for the value of two acres of developable land at Wavecrest.
• The District’s cash payment (in addition to its trade of real estate in El Granada) to Wavecrest Village LLC has increased from $1.0 million to $1.2 million.
• The District’s share of street improvements increases from 21.5% to 23.5% and drainage from 17.0% to 23.5%

The three documents were posted at 12:52 pm today on the District’s Web site. Although the links on the Board’s page are broken, here are working links to the three documents.

Report of its closed session

Amended purchase agreement

Summary of main points and changes to the agreement

I’ll post more on this as it develops, but I wanted to make sure everyone had access to the documents right away.