Athletic boosters ask SVUSD to co-sign loan

Leaders of the campaign to build new athletic fields at Scotts Valley High School are asking the Scotts Valley Unified School District to co-sign a loan up to $4 million to allow construction of new track and stadium to begin this summer at Scotts Valley High School.
Co-chairs of the Scotts Valley Sports Complex Committee, local developer Corbett Wright and former school board member Allison Niday, presented their plan to the district’s Board of Trustees Tuesday nght, March 14.
The committee, an affiliate of the non-profit Falcon Club boosters group, has secured approval of the Department of State Architects for its planned all-weather athletic field, but cannot on its own obtain construction financing.
Niday told the school board the group has received $485,000 in cash, and has another nearly $2 million in pledges, about half way to its $5 million goal.
She and Wright gave the school board several options, all centered on the district co-signing a loan of up to $4 million and assisting with the financing of the project by agreeing to pay coaches stipends, which are currently paid by the Falcon Club.
The plan calls for a new all-weather football/soccer/lacrosse field, plus a running track and field apparatus, and bleachers.
The committee wants to take advantage of lower construction costs by beginning the project this year, as it continues to raise funds.
Scotts Valley School Superintendent Tanya Krause said her staff will study the proposal on a fast-track basis, to possibly come back to board with recommendations next month.
“The board would like to be able to make this happen,” Krause said Wednesday. “Obviously we have some fiscal challenges.”
The committee said it would secure pledges of at least $2.5 million prior to the signing of any loan agreement and will commit to raising additional donations and pledges including a minimum of $700,-000 in cash on hand before the district can authorize the loan.
If the district assumed responsibility for funding coaches’ stipends, the Falcon Club will reallocate funds raised for that purpose towards the loan repayment.
Also, the Falcon Club will commit gate receipts from football, lacrosse, boys soccer, girls soccer, and track in excess of $10,000 collected annually, to go towards loan repayment.