WATSONVILLE — The Pajaro Valley Unified School District Board of Trustees on Wednesday will consider approving a financing method that will allow the district to purchase its Towers headquarters.

If approved, the district will agree to certificates of participation (COP), which is a loan used by governing agencies for construction or improvement of public facilities.

According to PVUSD Chief Business Officer Joe Dominguez, the district stands to save $28.6 million through 2048 because the money that was going to rent will be used to pay off the loan.

The recommendation by Dominguez to move forward with the COP plan comes thanks in part to a favorable rating by Moody’s Investors Service, which provides financial research on bonds issued by commercial and government organizations.

The trustees on Nov. 14 approved a plan to look for ways to finance the purchase, and to negotiate a final price with the building’s owners.

As part of the purchase, the district will be responsible for $5.6 million in deferred maintenance costs.

In total, the district estimates the cost at $16.46 million.

The four-story, 134,422-square-foot building was assessed in 2017 at $10.9 million. In addition to administrative offices, it houses Pacific Coast Charter School, Watsonville/Aptos Santa Cruz Adult Education, migrant education and special education.

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The Pajaro Valley Unified School District Board of Trustees will meet Wednesday at 7 p.m. in the district office boardroom at 292 Green Valley Road in Watsonville.

For information, visit www.pvusd.net.

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