Page 16 THE REVERE ADVOCATE – FRIDAY, JANUARY 28, 2022 SCHOOL | FROM Page 1 for the project. Prior to the fi nal council vote, Brian Dakin, the project manager from owner’s project manager LeftField, said there were two overriding reasons why the school and building committees went with the Wonderland site property rather than the current high school site. “One is the idea that construction at Wonderland has significantly less impact to the ongoing operation of the school and the delivery of education, and it was perceived as having less impact to the neighborhood with fewer abutters,” said Dakin. “Secondly, and perhaps more importantly, the Wonderland decision, according to the committees, allowed the city to control current and future enrollment increases in the system.” The existing high school site would still be in play as the site of a future magnet middle school. In turn, the current middle schools could then be repurposed to help deal with increased enrollment in the elementary schools. Many of the questions from the council on Monday night centered on the potential land acquisition costs of the Wonderland property. “Remove the land acquisition, and Wonderland is six to seven million dollars less than building on the existing site, mostly because of underground issues [at the current high school],” said Dakin. “With the acquisition of Wonderland, it has a higher ultimate value. We have an appraisal that was done on the Wonderland parcels, but we will need a second appraisal.” The MSBA grant for the school building project does not cover land acquisition costs. Dakin said the initial appraisal came in at $30 million for the entire site, and $23 million for the land needed for the high school alone. In the coming months, the city WASTE REMOVAL & BUILDING MAINTENANCE • Landscaping, Lawn Care, Mulching • Yard Waste & Rubbish Removal • Interior & Exterior Demolition (Old Decks, Fences, Pools, Sheds, etc.) • Appliance and Metal Pick-up • Construction and Estate Cleanouts • Pick-up Truck Load of Trash starting at $169 • Carpentry LICENSED & INSURED Call for FREE ESTIMATES! KITCHEN CABINETS To Look Like New 508-840-0501 FURNITURE STRIP & FINISH PRIME LOCATION: Located on Revere Beach Parkway, Everett 6,500 Sq. Ft. Building, Showroom and Garage with 4 Overhead Doors. Call 617-389-4527 Copyrighted material previously published in Banker & Tradesman/The Commercial Record, a weekly trade newspaper. It is reprinted with permission from the publisher, The Warren Group. For a searchable database of real estate transactions and property information visit: www.thewarrengroup.com. BUYER1 BUYER2 REAL ESTATE TRANSACTIONS SELLER1 SELLER2 Stansbury, Anna Mueller, Simon Cole, Brian Mendivil, Zulema Mendivil, Rene G Benne , Walter C Palia, Sanat ADDRESS 261 Bellingham Ave #1 P&Ellen M Beatrice RET Beatrice, Pellegrino 176 Revere St DATE PRICE Revere 06.01.2022 $ 872 500,00 350 Revere Beach Blvd #11D 04.01.2022 $ 570 000,00 03.01.2022 $ 490 000,00 will have to decide if it wants to take the entire property, or just the land needed for the high school and let the current owners decide how to develop the approximately seven to eight remaining acres. Mayor Brian Arrigo has been among those who have said they would like to see the city explore taking the entire property, so that it could then control the fate of the future development of the parcel adjacent to the high school. Estimates for the total cost of building a new high school at The site plan for the new Revere High School at the Wonderland site previously presented the Revere City Council Wonderland come in at about $395 million, with the city covering about $247 million not covered by the MSBA grants. “A lot of residents say it’s going to cost the city $250 to $275 million, and how is the city going to pay for that,” said City Council President Gerry Visconti. “That’s a big question we need to explain to our residents.” Richard Viscay, the city’s Chief Financial Offi cer, said the cost of debt payments for the project should be covered by new growth, primarily from the massive Suff olk Downs mixed-use project and any future development on the remaining acreage at Wonderland. “The site at Suffolk Downs – they forecast ultimately $40 million in new tax revenue will come in over a 20year phased period,” said Viscay. Viscay said the planning and assessing departments are working together to get a clearer idea on those new growth revenue numbers and how they will be used to cover the costs of the high school project. “We have to dovetail in all this new growth in paying for all that debt for a project that somewhere around 2029 could be at least $14 million [annually] of new debt on the books,” said Viscay. While the current City Council backed the Wonderland site selection, former City Councillor Anthony Zambuto stated his opposition to the project, noting that it will take too much potential revenue off the city’s tax rolls. “I’m trying to prevent the city from making the most fi scally irresponsible mistake in the city’s history,” said Zambuto. “It’s not about the $25 million or $50 million it’s going to cost to take the property at Wonderland; it’s not about the $250 or $275 million it’s going to cost in construction of the school; it’s about taking Wonderland off the tax rolls.” Currently, the property brings in about $500,000 in taxes to the city, according to a report from LeftField. The report also stated that if the 8.65 acres not needed for the high school were developed similarly to the comparable Waterfront Square development across the street, it would bring in about $5 million per year in taxes. FOR LEASE - COMMERCIAL PROPERTY
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