Board of Education Approves Purchase Agreement with Fire District

Here is a summary of the four offers that were considered before ultimately approved the proposal from the Fire District:
  • Highest cash bid - Out of State Developer $6.1 million- Proposal was for multi-use vision including housing and commercial space.  
  • Fire District - $5 million in cash and $1.943 million with in kind services.  Proposal would use parcel for new fire station and administrative building.
  • Local Citizen $4.5 million - Vision was to open a low cost day care and private preschool (most likely in the Big Picture building) as well as to integrate elderly care and a technology incubator.    
  • Two local citizens and an out of state developer (3 parties in total) $4 million -  The intent by this seller as referred to in the letter is to create residential units on the 2nd and 3rd floors, with 50% of those units dedicated to deed restricted permanent affordable housing for teachers. The Board requested further information about the number of units that this would encompass and what the income levels for the deed restriction would be. Their response to the broker was they weren't comfortable sharing renderings prior to city approval. They did not provide a response regarding the income level. 

All parties were provided with information from the District's real estate brokers that included a $10 million dollar figure including Buckley Park and the 3rd party appraisal of Buckley Park which valued the park alone at $3.47 million. Again, this sale does not include Buckley Park.

The Big Picture campus will remain on site through the 21/22 school year and the district is working through central administration plans in coordination with negotiations on the Buckley Park parcel.