The Grandview Heights Board of Education, the City of Grandview Heights, and Nationwide Realty Investors (NRI) have reached an agreement on an amended school compensation formula for the Grandview Yard development. As a result of this amended agreement, the cost of the recently passed school facilities bond levy will be reduced by half for Grandview Heights and Marble Cliff property owners.
Twelve months ago, as a result of discussions among the District’s Financial Advisory Committee during the Facilities Planning Process, the District approached NRI - with the support of City officials - to explore all possible funding options to reduce the cost of a bond levy to property owners.
“Representatives from the School District, the City of Grandview Heights, and NRI worked tirelessly over the last year on this effort“ stated Board Vice President Melissa Palmisciano who led the negotiating team for the District. “We would like to congratulate all parties on this collaborative effort that furthers our public-private partnership in the Grandview Yard and that provides important financial support to our schools and our community.”
Pending approval of Issue 6, the Board of Education passed a resolution on October 10, 2018, directing the Franklin County Auditor to take any additional payments from the Grandview Yard into account when establishing the bond millage for the facilities portion of Issue 6. On November 28, 2018, the Board of Education, in anticipation of additional revenue from the amended Grandview Yard agreement, asked the Franklin County Auditor to reduce the bond millage collection rate for 2019 by half the rate approved by the voters. This means that taxpayers will see a reduced tax bill for the bond portion of Issue 6 - from an estimated $205 per $100,000 of property valuation to $102 per $100,000 of property valuation annually.
“Over the past year I have been fortunate enough to be a part of a remarkable process working with the School Board and Council to pursue the new compensation agreement that the school board is voting on tonight. This has taken a great deal of dedicated work by both city and school elected officials along with staff. This work has resulted in a final accomplishment that overwhelmingly benefits the residents of this community,” said Grandview Heights Mayor Ray DeGraw in a statement delivered by Council Member Anthony Panzera at the Wednesday, February 13, 2019, Board of Education meeting. The Grandview Heights City Council approved the Amended Grandview Yard Agreement at its regular meeting on February 4, 2019.
“Thanks to this significant collaboration between the City of Grandview Heights, NRI and the school district, we will be able to accomplish all that was detailed as a part of Issue 6 - make safety, security and ADA upgrades to all school buildings, build a new fourth through eighth grade school, and comprehensively renovate Grandview Heights High School,” added Superintendent Andy Culp, “at a reduced cost for residents and property owners.”
“This is an amazing example of elected officials coming together for the good of the community,” said Melissa Palmisciano. “As a result of our collaboration with the City, significant additional Grandview Yard funds will be allocated to the School District, and we will reduce the tax burden on our residents to upgrade our school facilities. This effort demonstrates what can be achieved when individuals devote the time and energy to work toward a lofty common goal.”
Photo - Seated from left: Councilman Chris Smith; Councilwoman and President Greta Kearns; BOE Vice President Melissa Palmisciano; and BOE member Debbie Brannan; Standing from left: Councilman Anthony Panzera; Councilman Steve Gladman; Councilwoman Emily Keeler; BOE member Eric Bode; BOE President Jesse Truett; Treasurer Beth Collier; and Superintendent Andy Culp (BOE Member Molly Wassmuth not pictured)