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Board authorizes school board to retain $1.4 million from sale of former adult education site
Summary
Henrico supervisors approved the school board retaining sale proceeds in excess of a previously allocated amount after the district sold the former adult education center at 7850 Carousel Lane for $5 million.
The Henrico County Board of Supervisors on Oct. 14 approved a request from the School Board to retain proceeds from the sale of surplus property at 7850 Carousel Lane (the former Mount Vernon Adult Education Center).
Details: The school board approved the sale of the property to Middleburg Acquisition LLC for $5,000,000. The Board of Supervisors had previously appropriated $3,600,000 from prospective sale proceeds to cover project shortfalls at two elementary schools; the board—s Oct. 14 action authorizes the school board to retain funds in excess of that amount (approximately $1,400,000) for capital use.
Why it matters: State law requires the governing body to approve school board retention of surplus real‑estate sale proceeds. The retained funds are for school capital needs.
Next steps: The school division will record the proceeds and apply the retained funds to capital projects as approved by the school board.
