Douglas County School District extends Kingsbury sale period
November 17, 2016
A five-month due diligence period extension for the tentative sale of Kingsbury Middle School was approved on Tuesday night by Douglas County School District trustees.
The Stateline site operated as a middle school from 1976 until 2008, when it was closed due to declining enrollment. The property was put up for sale in January 2012 and an offer from Glenbrook-based Lake Parkway LLC was approved by trustees at their July 12 meeting.
The due diligence agreement period was due to expire on Wednesday. Trustees had an option to allow the agreement to expire or to approve an extension for a set period of time.
Trustees approved the due diligence period extension during their meeting at the Airport Training Center to allow more time to prepare for a traffic study on the property. The company has indicated its intent to use the property for an affordable housing project.
The extension will enable the buyer to work with county officials and the Tahoe Regional Planning Agency to make any necessary changes required to accommodate the traffic study on the property, according to Superintendent Teri White.
The process may take a few months if it has to be approved by both boards at TRPA and the county, she added. The sale continues in escrow while the buyer conducts his due diligence.
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Trustees agreed in July to accept an offer to purchase the Kingsbury school site at a price of $3.125 million. The total price was settled at $3.15 million after a negotiation in which the buyer agreed to share the property's ongoing utility costs.
In another item considered on Tuesday night, trustees approved a revised district health insurance plan for the 2016 calendar year after a discussion that exceeded 90 minutes with multiple motions and votes by the board.
Recommendations from the Health Insurance Committee were approved with the modification of a $10 per month contribution from each employee.