Here are a few direct benefits:
1. Parents of young children will be closer to the school, and we will have more public open space in our neighborhood (seems obvious enough).
2. The previous benefit means that perhaps the vacant and yet-to-be-built homes in adjacent subdivisions might be completed and occupied faster.
3. Schools typically mean strict enforcement of anti-drug laws nearby, and we will see more activity in the daytime hours that so many criminals are able to commit burglaries.