Bower school for sale / lease

With the baby boomers of the 1940’s and 50’s approaching senior status, there is a need for more local senior housing. In today’s Newsday, it is stated that village officials were given the opportunity to sell Bower school to a developer to be used for senior housing and turned it down. I’m wondering why, when the building is still costing tax payers to maintain it, the village would turn such an opportunity down. I’d be curious to know the reason.