After Vancouver Public Schools announced its plans to build a new elementary school in the heart of downtown last month, questions remained about the financial deal the district plans to strike with the property owner to construct the urban campus.
Records obtained by The Columbian offer more details on the proposed elementary campus, a kindergarten through fifth-grade magnet school district officials say will primarily serve downtown families. Vancouver Public Schools will buy a section of the property immediately south of the Vancouver Community Library for construction of the campus. Vancouver developer Killian Pacific owns the vacant property, which is at C and East Eighth streets.
According to a November letter of understanding between the district and Killian Pacific, the Vancouver developer will donate half the fair market value of the site to the district, and the district will pay the balance in cash or on an approved payment plan.
Todd Horenstein, the district’s assistant superintendent for facilities, and Lance Killian, president of Killian Pacific, confirmed that’s still the working agreement. The district previously said Killian Pacific “contributed a significant portion of the purchase price of the property as a public benefit,” but neither offered additional details.
The exact dollar amount of the land deal remains to be determined.
Records show Vancouver Public Schools is eying a 20,000 square foot portion of the lot — about a third of the property’s total area of 64,120 square feet. Assessment data values the total parcel at $1,298,700.
But assessed value may not neatly translate to fair market value. The Clark County Assessor’s Office determines property values to calculate how much property taxes the owner owes for the land and any buildings on the property. Furthermore, assessed value for 2018 taxes will reflect 2016 property values, county Assessor Peter Van Nortwick said.
Fair market value, determined by an appraiser, reflects what the property would likely sell for were it available on the market. Appraisers consider the property’s size, features and condition, as well as the local real estate market.
The appraisal is underway, Horenstein said, with plans to formalize the deal this spring.
Horenstein said the school, when built, will be a multistory campus without the traditional playground and fields of a suburban elementary school. Students will have access to a center plaza with outdoor space for exercise, and there may also be a rooftop or upper-floor open space for activities.
The city, as part of a development plan with Killian Pacific and the state, said it would build a public parking garage elsewhere on the property, as well as work to attract a private developer for additional construction. The property, which includes the Vancouver Community Library, is about four acres.
Horenstein said the district plans to use the planned public parking garage as its primary parking lot.
Construction of a downtown elementary school is among the projects listed in the district’s $458 million bond measure in 2017.
The school is slated to open in 2021.
