Plan for administration headquarters loses Sweetwater (Calif.) district millions

What began in 2005 as a deal to develop a new administration headquarters has cost the Sweetwater Union (Calif.) High School District $40 million, with no new facility in sight. The San Diego Union-Tribune reports that under the district's unusual financing, Sweetwater now owes $33 million on property it bought for $28.8 million. Eight years later, the value of the 23 acres of offices and warehouses has declined and is worth as little as $10.6 million.