Project in full design stage; College may avoid County taxpayer scrutiny and approval by using Revenue bond scheme for portion of construction
Yavapai Community College is moving forward with its plans to construct a Health Sciences Building at its Prescott Valley Center. Estimates place the total cost of such a facility, including a potential third-floor auditorium of sorts, at around $39 million.
The Community College executives and District Board members have available to them a scheme to fund portions of the building without relying on taxpayer funds or grants. This scheme involves creating what are called “revenue bonds” to finance a portion of the project. Since revenue bonds are not directly repaid with tax dollars, the Community College can legally do this. The scheme has been used in other Yavapai Community College projects such as the renovation of the Prescott Campus residence halls.
To repay the revenue bonds over an extended period, the Community College must take funds only from tuition and other income producing sources, excluding property taxes. However, to replenish the funds drawn from these sources, it may, and most likely will, necessitate an increase in the County property tax rate, a decision requiring only three votes from the five-member District Governing Board. The public cannot block the tax rate increase once a majority on the Board approves it.
As a consequence, taxpayers may end up ultimately indirectly repaying the Community College for the cash used to pay for the revenue bonds via the increased tax rate. Overall, this strategy serves to mitigate potential significant challenges from the community for a project of this scale. It is another tool in the obfuscation toolbox of the College and the Governing Board that often keeps valuable information well hidden from public view and prevents serious public scrutiny from ever occurring.
Note: The following information as shown below was obtained from the Yavapai Community College Facilities Management newsletter of December, 2023.
Yavapai Community College’s Performing Arts Center is in its second year of providing the “Concerts on the Green” series of cultural programs in Prescott Valley. Last year, which was the first year of PAC’s “Concerts in the Green” series, was very successful. It is hoped that this year’s programs will find similar acceptance and praise.
Yavapai Community College’s concert series at the Prescott Valley’s Theatre on the Green that began in May will wrap up October 3. Eight performances were scheduled. From every indication, it appears the series was successful. Turnouts for the concerts were good and the audiences appreciative. The concerts were “generously” sponsored by Findlay Toyota of Prescott and CASA of Yavapai County.
The director of the Regional Economic Development Center (REDC) located at the Yavapai Community College Prescott Valley Center, met with the District Governing Board on September 8 during the Board’s special Work Session. During the meeting, Mr. Richard Hernandez outlined the plans for a major expansion of REDC at the Prescott Valley Center.
Yavapai Community College met in a secret Executive session on September 7, 2021, to consider the purchase of additional land for the Community College in the town of Prescott Valley. How much land or the purpose for the purchase were not disclosed.
Who has decided to sleep on the new exam room beds at Yavapai Community College’s Prescott Valley Allied Health facility after hours? No one has the answer.