It may seem rude to look a gift horse in the mouth, but that is, in fact, what the state needs to do concerning the proposed Kailua High School land swap.

Developer Christopher Dey has proposed exchanging 97 acres of his property for the school's 75-acre campus at the back corner of the Pohakupu subdivision. This intriguing deal, as originally proposed several months ago, would include additional cash — initially estimated at $70 million — to cover construction costs.

The state school board appears to be taking the correct, cautious approach in appointing a committee to investigate the proposal for the Department of Education. The potential of financing a brand-new campus through the swap is certainly enticing in this era of deteriorating classroom facilities, but there are some key questions that must be answered first.

Paul Vierling, O'ahu representative on the Board of Education, said his panel's job is to gather enough information to make a preliminary recommendation on whether the swap represents a good deal.

Over the next few months, the panel will meet with the developer to hear the most current plans and then bring the idea before the full board for public hearings.

Even if the BOE endorses the idea, of course, the process isn't over. Other state agencies will call in experts to evaluate whether the property's potential outweighs the costs of building a school on the site.

But the hearings represent the best opportunity for residents and those with expertise on the development of hillside property to weigh in on the pluses and minuses. The pluses are obvious, but the current conservation zoning and the uneven terrain could add complication and expense.

There will be the standard not-in-my-backyard complaints, but the more critical consideration is whether taxpayers will come out ahead. If they will, then the deal should be accepted and similar public-private partnerships pursued as creative ways to improve public school facilities.