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School Board Approves $3,500/Month Lease for Superintendent

BHUSD Superintendent Gary Woods is moving into a home owned by the school district.

The Board of Education voted 5-0 during a special meeting Wednesday to of Superintendent Gary Woods' lease for a district-owned home on North Doheny Drive.

Woods will pay the Beverly Hills Unified School District $3,500 a month to rent the two-level, 2,665-square-foot house at . The one-year lease, which is posted on the district's website, starts Aug. 15. Woods has yet to sign the lease, but has agreed to the terms, board President Brian Goldberg told Patch.

"While the lease is less than market rate, it represents a win-win for the district," Goldberg said. "When looking at this property as both an investment and a tool to attract and retain superior talent for the district, it is clear we made the right decision."

The board to purchase the home for $1.54 million. Escrow is scheduled to close on the property July 31, according to Goldberg.

The home will be 100 percent financed through a zero-down, 15-year municipal loan at a fixed annual interest rate of 3.7 percent. The financing will cost the district $140,000 a year. As a public entity, BHUSD does not have to pay property taxes.

"The purchase and lease helps the district address continuity and a plan to build equity in real property over the next 15 years," Goldberg said. "Investing in real property in Beverly Hills has been and continues to be a sound investment."

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Abe S. July 27, 2012 at 06:06 AM
As a Basic Aid district, BHUSD keeps the money from local property taxes. Losing the property tax on a $1.5 Million house will result in about a $15,000 annual loss in property tax revenue. Has this revenue loss been calculated as part of the annual cost of this property? Probably not.....
Richard H. July 27, 2012 at 06:52 AM
Let me do the math....even simple math... The Supt pays $3500/mo which equals $42000. per year. ON A ONE YEAR LEASE. The mortgage alone is $140,000/year. Add insurance and maintenance(gardener, plumbing, paint, ect.) on top of that. Does anyone know if he will be paying his own utilities or not? A property exempt form $15,000 in taxes is a loss of revenue to the school district. The appreciation on the house would have to be close to 8-10% per year to be "a win-win for the Disitrict". When has that happened in recent years --even in Beverly Hills? Wasn't The Measure E passed using 4.5% growth on average? That's not even half the growth needed. Maybe the county assessor that was bribed and fired should be brought back so we can reach these numbers.
Ace T July 27, 2012 at 09:17 AM
I don't get why you guys are so mad. Many school districts do this, even UCLA does this to many people on there staff. I welcome Mr. Woods and his family as do most residents of BH who are sane (and most are besides this angry lot). The reality is BH properties are like gold and this home like others will be worth double in 8-12 years. I just wish they would have bought a larger home north of Santa Monica on a larger lot to really make an impression for top educators to take this job. The school districts is one of the reasons why the demand is so high for these properties, we all need to give our full support. A better school system will only add value to everyone's homes, we are all in this together and this was a great move. Deriding Goldberg does nothing, maybe you live adjacent to BH and mad you can't send your kids here is all I can think. I hear Fairfax High has less of gang problem now I'm sure your kids will be fine.
Tom Culp July 27, 2012 at 04:03 PM
I haven't seen anyone say anything bad about Mr. Woods at all. People are upset that the board is bleeding funds and the wound is getting bigger. I live north of Santa Monica and homes here have never in the history of BH gone up 10% a year. 10% is what it would have to be to double in 8 years. UCLA is a university not a high school. In fact BHUSD is a very small district I think we only have 5 schools right? Pay attention to whats going on in the district and you'll understand that supporting the district doesn't mean they will automatically do the right thing. The board also should have never been allowed to hide this transaction from the community no matter how good it could be.
Ellen Lutwak July 27, 2012 at 05:27 PM
Bonus! Superintendent Gary Woods rides his bicycle on his school visit days, cycling from school to school.

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