On February 18, 2003, City Council approved the purchase of 171 acres in Northeast Cape Coral for development of an Academic Village. The project will form a partnership among a variety of potential interests including the City of Cape Coral, Lee County School District, Lee County Board of County Commissioners, various university/college branches and other ancillary uses (e.g. a performing arts center, high-tech facilities, science center). Working together, these partners will create an academic environment within a campus setting.

With Cape Coral’s rapid growth, the City Council recognized that a major vacuum existed for opportunities of higher learning. While several colleges and universities have a presence in Lee County, none of these schools are located in Cape Coral, the county’s largest city. The City met with several colleges about establishing a presence in Cape Coral; however, a major obstacle in the discussions was the lack of a suitable site. If this obstacle could be removed, the City would have more leverage in its efforts to attract a major university to Cape Coral. Studies have shown that few, if any, investments of public monies realize a greater rate of return in the community than investments in higher education.

At Council’s request, City staff began the process of trying to develop a project that would integrate the services of the school district, library system, parks and a college/university.

THE SITE
The City looked at several possible locations for the Academic Village and eventually settled on property on the northwest corner of Del Prado Boulevard and Kismet Parkway. This was ideal because of its close proximity to major transportation routes (State Road 41, Pine Island Road and I-75). The location also is across the street from the City’s 400-acre Major Park and within a few miles of two, new planned developments having residential and commercial uses - Entrada and Sunset Lakes.

About 60 acres of wetlands/mitigation preserves are located on the property, of which about 30 acres can be developed. Natural vegetation consists primarily of pine trees, oaks and palmetto bushes and significant areas for lakes. Another key element that made this property more suitable is the existence of a “Development of Regional Impact.” By having this certification in place, projects should be able to be permitted and developed in a more-timely manner.

VILLAGE COMPONENTS
The City plans to build a new high school in the Academic Village. This high school potentially could include an International Baccalaureate Program. This program would permit high school students to enroll at the university/college within the Village and take classes for high school and college credit.

The Village site also has sufficient land to allow for the development of the 20-acre softball or soccer recreation facility that the Parks Master Plan indicated would be needed for the Northeast Cape.

Another element the City would like to include in the Academic Village is an academic library. An academic library that would serve a high school, a university/college and the public would provide maximum benefit for the students and the citizens.

FINANCIAL PLAN
The City agreed to pay about $6.8 million, or $40,000/acre, for the Academic Village site. The City solicited independent appraisals of the property before negotiating the price, and the amount paid reflected fair market value. The City borrowed money from the Water and Sewer Operating Reserves to pay for site acquisition. By borrowing money from itself, the City will save the administrative costs associated with acquiring a loan (about $150,000). This financing plan also lowers overall debt service payments by $225,000 and preserves bond capacity for future capital projects.

THE BENEFITS
The City of Cape Coral has a population of nearly 155,000, and is projected to reach 187,000 by 2010. The demographics of the city continue to change and evolve, with younger families choosing to move to the area. The Academic Village not only will provide an opportunity to learn, but also will provide an economic benefit that will attract business and more families to the community. As mentioned earlier, the City’s investment in this higher learning project will be returned to the community many times over.