School Board About to do it AGAIN

This Thursday, the School Board of Trustees will vote on three "Options" regarding the move of the District offices. The problem is that there should be a fourth option, that of staying where they are. The options, as they are presented, are HEAVILY loaded to make "Option 3" the only alternative.
After 20 years, the School District will have made payments of $12,050,450 and will still owe $7,290,000. The spin is in the estimated value of the Building which is $12,015,000. Even assuming that this estimate is true, the district is still in the hole $7,235,450 at that point. The real estate market is in a state of turmoil right now and even estimating a value is foolish.
The financing of this option by Certificates of Participation is assuming that they in fact can sell them at all. According to their own verbage "Invest bank are the conduit between issuers and investors. Also called brokers or underwriters such as Bank of America, Wachovia, Wells Fargo, Citigroup Global Markets, Inc., Pipar Jaffray, Morgan Stanley, and dozens of others". Any name in this list sound familiar? Interest rates are a slippery slope and "It is possible that the minimum amount would not be achievable (interest rates would need to increase approximately 98 basis points (0.98%) over current market for this to occur) May I suggest that this is a highly likely event in today’s market.
In light of the current financial crisis in our nation on a broader scale makes the relentless pursuit of the BlueShield building perhaps at a minimum terrible judgement, and at the maximum illegal activities which should be investigated.
It is now time to take the losses to date, abandon the process, and move forward without adding more cost to this ill-advised purchase.