Reply to Surplussing the old Hardy School

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[quote=Anonymous][quote=Anonymous]As a Ward 3 resident/parent, this story doesn't bother me -- that is, unless the Lab school is getting a below-market deal.  Let the City make some money in its property.

My reaction would change if, indeed, there were a charter middle school waiting in the wings to take over the property.  The heat being generated from parents in Ward 3 stems from the lack of a quality middle school option.  Many of us aren't in-boundary for Deal.  Hardy isn't academically challenging enough for many if not most Ward 3 parents.  So a "test-in" charter middle school in Ward 3 would make a majority of parents happy.  Heck, ANY charter middle school in Ward 3 would make parents happy -- there's definitely a need for another local school.[/quote]

Lab is getting a way below market deal. Their rent starts at about $7 per square foot per year. No commercial property in the neighborhood starts at less than $35. On top of that, they get a dollar for dollar rent credit for any improvements made to the property, which is unheard of in commercial leases. Lab claims they intend to make several million dollars worth of improvements to the property, which means they would end up paying zero rent. For 50 years! It's economically indistinguishable from a give-away, with the exception that as the nominal owner the city retains liability.  By way of contrast, Mundo Verde recently signed a similar lease, and they're getting about 40 cents on the dollar rent credit for capital improvements.

But Mundo Verde is a public school. When they pay rent it's just one part of the city government paying another part of the city government. Lab is a private school -- a selective admission, private school that charges a stiff tuition. It's students overwhelmingly come from Maryland and Virginia. We're giving up this land essentially forever so a bunch of suburban kids get a break on their tuition.[/quote]

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