School trustees to discuss Kingsbury sale
July 22, 2017
An extension of escrow for the sale of the old Kingsbury Middle School site at Stateline will be discussed Monday when Douglas County School District trustees hold a special meeting at 4:30 p.m. at the Airport Training Center.
Trustees are scheduled to begin consideration at 4:40 p.m. whether to extend the closure date of escrow on an offer from Glenbrook-based Lake Parkway LLC to purchase the Kingsbury Middle School site at 1900 Echo Drive.
The school existed from 1976 until 2008, when it was closed due to declining enrollment. The property was originally put up for sale in January 2012.
At their July 2016 meeting, trustees agreed to accept an offer to purchase the site for $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.
The company has indicated its intent to use the property for an affordable housing project. In November, trustees approved a five-month due diligence period extension to allow the buyer more time to prepare for a traffic study on the property.
Superintendent Teri White said when the July 12 escrow deadline was not met, the buyer submitted an additional $40,000 non-refundable deposit under a Fourth Amendment to Purchase and Sale Agreement.
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At this point, trustees can decide to extend the closing or decline to approve it.
Two public comment periods are scheduled during the meeting, one at 4:35 p.m. and the second at 4:50 p.m.