Sept 12 2018 - School Board - Sell El Crystal Agenda Item - 7:00

Article Source: San Bruno Park School District

HERE is YOUR Chance to better understand what is being discussed/proposed regarding the sale of El Crystal School. 7:00 p.m. at the school district office.

Agenda Item Details

Meeting
Sep 12, 2018 - Regular Meeting
Category
ACTION ITEMS
Subject
Sale of El Crystal School site: Resolution No. 18-08-01 – Resolution for Sale of Real Property Known as the El Crystal School site, 201 Balboa Way, San Bruno
Type
Information
COMMENTS:
The board will take action on Resolution 18-08-01 for the sale of the El Crystal property as outlined below.

Timeline:

• Resolution presented for Information: August 8, 2018
• Waiver approval from CDE: September 6, 2018
• Resolution presented for Action: September 12, 2018
• RFP marketing period: September 17, 2018 – October 31, 2018
• Receipt of Responses to RFPs: November 1, 2018
• Interview Respondents: November 5 – 13, 2018
• Presentation of Responses & Selection of Successful Respondent: Board meeting on November 14, 2018
• Purchase & Sale Agreement (PSA): Estimated for Dec. 12, 2018 or special meeting
• Due Diligence Period: 60 days after PSA is executed by district & buyer.
• Option Period: 18 months. Estimated to end July/August 2020
• Close of Escrow: Estimated August/September 2020

Terms of Sale to be defined by responses to the RFP:

• Minimum Purchase Price: No minimum price is given established.
• Each respondent shall formulate its best offer.
• Deposit required with response: $100,000 cashier’s check or wire transfer
• Deposits required during Option Period: Respondents shall propose a deposit structure.
• Possession of Property: Delivered to buyer at close of escrow.
• Property sold “AS-IS” Property sold in “AS-IS” condition

DISTRICT GOALS:
Goal 3: Fiscal Solvency
Goal 4: Communication and Public Relations

EDUCATIONAL IMPACT:
There is no direct educational impact to this action item.


FISCAL IMPACT:
There is no direct fiscal impact to this action item.

RECOMMENDATION:
It is recommended that the board approve the resolution for the sale of the El Crystal site.

EC Resolution 18-08-01--Sale of Real Property.pdf (595 KB)

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Robert Riechel

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Source Credit: Superintendent Kemp - San Bruno CA Park School District

Web Site: http://sbpsd.k12.ca.us/

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