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."