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Santa Monica-Malibu School Board Votes to Place Record Bonds on the Ballot
We Love Property Management Headaches!
By Jorge Casuso
July 30, 2018 -- The School Board on Thursday placed bonds on the November ballots in Santa Monica and Malibu that together amount to $680 million, the largest ever placed before local voters.
The $485 million bond for Santa Monica and $195 million for Malibu came after the board created School Facility Improvement Districts (SFIDs) for each City in anticipation of Malibu's possible split.
The funds raised by the bond measures would be dedicated to schools within each respective community, school officials said.
The money would be used to add and modernize science labs; improve and build classrooms; fix leaky roofs in older schools, and replace and repair aging restrooms.
A $485 million bond for Santa Monica would cost an average of $27 million annually, with estimated taxpayer levies of approximately $40 per $100,000 of assessed (not market) value, District officials said.
A poll of voters in Malibu found that a $250 million bond for Malibu schools would fail, but that a $150 million bond would win the necessary support.
Since 2002, local voters have approved two bonds measures totaling $643 million, as well as a $346 per year parcel tax with no sunset provision.
But two measures have failed -- a $300-per-parcel tax in 2002 and a $198-per-parcel tax in 2010.
On Sunday, Santa Monicans for Renters' Rights (SMRR), the city's most powerful political organization, voted to endorse the bonds ("SMRR Endorses McKeown, Himmelrich, Morena for City Council," July 30, 2018).
Earlier this year, the Santa Monica Rent Control Board threatened to eliminate pass-throughs to tenants in the form of surcharges for local funding measures ("Future Bonds in Jeopardy if Rent Board Nixes Pass-Throughs, Santa Monica Property Owners Warn," March 21, 2018).
The board backed down after realtors and property owners -- who have traditionally remained neutral -- threatened to oppose future funding measures if the pass throughs are eliminated.
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