Bellevue School District Board Approves Sale of Somerset Property to Tri Pointe Homes

The Bellevue School District Board of Directors convened on July 31, 2025, to discuss significant developments regarding the sale of surplus property in the Somerset area. Chief Operations Officer Dr. Heather Sanchez presented a resolution seeking board approval for a purchase and sale agreement with Tri Pointe Homes, a residential developer, for the Somerset property.

Dr. Sanchez outlined the importance of this sale as part of the district's financial recovery plan, emphasizing that the proceeds from the sale would be deposited into the general fund, a change made possible by Senate Bill 5412, passed in January 2025. This legislation allows districts in binding financial conditions to utilize one-time property sale proceeds to address budgetary issues, a crucial step for the Bellevue School District, which has been under limited financial oversight since entering binding conditions on July 10, 2025.

The Somerset property, consisting of 10.1 acres, was declared surplus due to its underutilization and unsuitability for educational purposes, particularly for constructing a new elementary school. The board had previously held a public hearing on June 20, 2024, to gather community input on the property's status. The sale is expected to generate $30 million, with an earnest money deposit of $1.5 million secured by a promissory note.

During the meeting, board members discussed the competitive bidding process that led to the selection of Tri Pointe Homes, noting that multiple bids were received, reflecting strong interest in the property. The board emphasized the need for transparency and ongoing communication with the community regarding the development plans.

The resolution was read aloud and subsequently moved for approval, with board members expressing their commitment to ensuring the sale proceeds efficiently and effectively. The target closing date for the transaction is set for December 2026, with a potential extension until June 2027.

In conclusion, the Bellevue School District Board's approval of the Somerset property sale marks a pivotal step in addressing the district's financial challenges while transitioning unused land into a productive asset for residential development. The board's actions reflect a commitment to restoring financial stability and engaging with the community throughout the process.