Oh boy oh boy, this film, being the first 48hour film I watched as city manager, was absolutely bananas.
I think this film wins my unofficial "Fever Dream" award, or it's at least a nominee! Your film, whether you intended it to be or not, was HILARIOUS, I love the style, I love the blackface shadow, I love the ominous voice over at the end, all of these things made this film insanely enjoyable and entertaining, and really put the competition into perspective.
IF you would like to hone your craft and climb the ladder to be one of the greats, I would recommend working on your technical skills, as well as getting a touch more naturalistic performances out of the actors- nothing sticks out more than when a character's line is cut off by someone else in the script, and the actor delivers it verbatim ("Wait, that means its a...a..."), I would recommend either not scripting lines like that or having their co-star cut them off before they even finish their line.
I would also recommend working on your story arch, this film ain't too bad of a story for a school team, but it would have been nice to see some more developments in the middle of the story (hey, middles are difficult).
I agree with the reviews above, in terms of a narrative device, if you open with a video interrogation, you should probably close with a video interrogation, or at least don't switch narrative devices entirely, as you ended the film on narration.
Lastly, a quick wrap on the knuckles for you- the USB you handed in had your incredibly large file zipped, and it took me a few hours to actually get it in a form in which I could watch it. A more brutal city manager would have just disqualified you so please be more careful next year!
As for your title, "The Black Phantom" is nice an ominous, if a little cliche. Maybe something more subtle would have been spookier.