Riverside Unified Board OKs up to $24.53 million purchase of Iowa Avenue buildings for new district office amid partner and transparency concerns

The Riverside Unified School District board on Sept. 25 authorized staff to proceed with purchase of two buildings on Iowa Avenue for a new district office, approving a not-to-exceed combined purchase price of $24,529,850. The vote came after extended public comment and a staff presentation that described possible partner arrangements and property-exchange options that could reduce the district’s net cash outlay.

Board President Lee announced he would recuse from the discussion and vote, saying, “I own partial interest in an escrow company that’s done business with Mr. Jacobs in the past 12 months. So for that reason, I’m gonna recuse myself on this vote, in any discussion,” and left the room before the board debated the item.

Staff described the two Iowa Avenue buildings as a roughly 102,000-square-foot campus offered at a combined purchase price of $24,529,850, with appraisals reported “approximately $820,000 higher” than that price, producing what staff characterized as immediate equity if the district completes the transaction. Assistant Superintendent Williams said the buildings are larger than current needs but would serve long-term district use and provide residual rental income; he estimated ongoing revenue “of several $100,000 annually” from space the district would not occupy.

Why it matters: staff said the purchase would give the…