The Cotati-Rohnert Park Unified School District Board of Trustees approved lease-leaseback agreements with Wright Construction, Inc.
One of the agreements is for the Richard Crane Modernization and Kindergarten Building Project, which is estimated to cost $7 million. The other is for the construction of the $40 million Theater/Arts/Gym (TAG Building) at Rancho Cotate High School.
A lease-leaseback is a financial transaction where one sells an asset and then leases it back on a long-term basis, which allows the one who sold the asset to be able to continue using it although no longer owning it. These types of transactions are generally done for fixed assets, such as real estate.