The pdf of the memo regarding this petition can be downloaded here the actual wording of the petition is not available currently, it would appear.
One thing that this memo states is:
admission to a charter school shall not be determined according to the place of residence of the pupil, or of his or her parent or guardian, within this state, except that any existing public school converting partially or entirely to a charter school under this part shall adopt and maintain a policy giving admission preference to pupils who reside within the former attendance area of that public schoolwhich would imply that only if the Charter School is actually located at the Bullis Purissima site would Los Altos Hills residents gain preferential admission.
However, in at least one correspondence with a member of the Board, it has been implied that BCS is going to offer preferential admission, providing LAH with, effectively, two schools to choose from, BCS, and Bullis Purissima, and that the rest of the district should be hopping mad at BCS. That we should "lodge a strong complaint" against this movement.
If I"m not mistaken, this move by BCS looks more like a way to help them move their campus TO the BP site, allowing that school to BECOME the neighborhood school for the district, and freeing up the district to use the funds originally allocated to BP improvements (as BCS has also, if I remember correctly from last year's proceedings) offered to front the money to do the improvements to BP themselves, to help grow the OTHER schools in the district, and allow the other kids in the district to remain at their true neighborhood schools.
**ETA: more info here.