Renovated/new Burlingame rec center

Here is the latest on the rec/community center master plan.  According to a recent Burlingame staff report, the estimated price tag is $35-40 million.  I'm curious - and concerned - about how this will be paid for (particularly if its a general obligation bond/assessed value tax structure, which penalizes newer property owners):

http://www.burlingame.org/index.aspx?page=3294