Brea H.O.P.E., Inc. (the Corporation), a component unit of the Brea Olinda Unified School District (the District), was created for the sole purpose of assisting the District in financing various construction projects and for the creation of a legacy fund for future needs of the District. The Corporation is a nonprofit public benefit corporation incorporated under the laws of the State of California and recorded by the Secretary of State on June 17, 1983. The Corporation was formed to provide financial assistant to the District for the construction and acquisition of major capital facilities.
These construction projects are essentially complete; the Corporation exists now to record the debt service activities of the liabilities incurred to carry out the projects. Upon completion of the projects, the District occupied the facilities constructed by the Corporation under a lease purchase agreement effective through the fiscal year end 2027. At the end of the lease term, the title of the constructed property passes to the District for no additional consideration.
The Corporation's revenues come primarily from annual tax increments and rental income collected as a result of various agreements allowing the sub-lease and development of surplus property owned by the District to private developers for their use in developing and operating two large retail and office building complexes.
Annual audit reports are required and can be found below by fiscal year.