FOR RELEASE: November 28, 2006

Cypress Equities and Edmonds School District Agree to Terms

for Development of Current Lynnwood High School Site

The Edmonds School District and Cypress Equities have reached an agreement on the terms and conditions of a 99-year ground lease of the current Lynnwood High School property. The agreement anticipates the availability of the 40-acre site, 3001 184 th Street SW, for development beginning in the summer of 2009. Lynnwood High School will relocate to 18217 North Road at the close of the 2008-09 school year.

The agreement will bring in funding that allows the District to meet the commitment made to voters through the 2006 Capital Construction Bond. The terms stipulate a minimum annual ground rent of 8 percent of appraised value with improvements beginning in July 2009, with the guarantee of increases every 10 years. The terms also stipulate annual participation in income generated by improvements. These terms are contingent upon the City of Lynnwood’s approval of the entitlement process and federal approval of the relocation of athletic fields.

“We’re really excited to be entering into this partnership with Cypress,” Superintendent Nick Brossoit said. “This agreement is beneficial to the District, but in particular it’s beneficial to our taxpayers. The revenue that will continue to be generated from this ground lease will pay for building improvements around the District for years to come, reducing the portion that would have to come directly from taxpayers.”

The first-class project is planned to be a mixed-use development that will include residential units, retail shops, and restaurants, and may include a hotel, offices, and related parking. The proposed project by Cypress will be presented to the public and tailored to the requirements of the City of Lynnwood through the project entitlement process. In addition, the city plays a pivotal role in approving land use and development specifications. Income generated to the City will also greatly enhance tax revenues.

“The proposal from Cypress is very dynamic, and we are looking forward to our continued work with Cypress, the City, and community members to ensure that the project moves forward,” School Board President Pat Shields said. “This is a great way to support needed capital projects and keep the costs down for our community.”

The Edmonds School District serves the communities of Brier, Edmonds, Lynnwood, Mountlake Terrace, Woodway, and portions of unincorporated Snohomish County.

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September 12, 2006

FOR IMMEDIATE RELEASE

Edmonds School District Selects Partner for Development of Lynnwood High School Property

Cypress Equities was announced Tuesday, Sept. 12 as the partner with the Edmonds School District for future redevelopment of the 40-acre current Lynnwood High School property, across from the Alderwood mall.  Cypress is the retail development and acquisition affiliate of nationally recognized Staubach Retail.

Cypress was chosen to lead the planning and redevelopment of the site, under a long-term ground lease agreement with the District, Assistant Superintendent Marla Miller said. Revenue from the lease of this property will be used to offset the cost of future District construction projects.

“We have reached agreement on the general terms of the lease, but details of the long-term lease agreement will be finalized over the next several months,” Miller said. “We are pleased that the terms of the agreement ensure the District both a guaranteed ground rent and a share of profits from the income derived from the project.  This development partnership will greatly contribute toward fulfillment of the commitment we made to taxpayers with the passage of the 2006 Capital Bond, to use district properties to reduce dependence on taxes to fund school construction.”

The proposed long-term ground lease of this site was included in the recommendations from a property study accepted by the School Board in December of 2004, presented to the community at numerous forums in the spring of 2005, and incorporated into the construction bond ballot measure approved by voters in February of 2006.

Redevelopment of the site is anticipated to begin after completion of the new Lynnwood High School at the District’s North Road site, in the summer of 2009.

Edmonds School District serves more than 20,000 students in the communities of Brier, Edmonds, Lynnwood, Mountlake Terrace, Woodway, and portions of unincorporated Snohomish County.

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