The Bellevue School District Board of Directors on July 31 approved a purchase-and-sale agreement to sell a 10.1-acre parcel known as Somerset 2 to Tri Pointe Homes of Washington, authorizing district staff to complete the transaction with a targeted closing no later than December 2026 and an outside date of June 2027. The board approved the resolution authorizing the sale by roll call vote.

The sale is part of a package of actions Bellevue is taking while in binding financial conditions with the Washington Office of the Superintendent of Public Instruction (OSPI). Superintendent Dr. Kelly Aramaki told the board that binding conditions are "a partnership" with OSPI and are intended to restore the district's fund balance, not to effect a state takeover. She said recent state legislation gives districts in binding conditions new recovery tools.

The board resolution approved the purchase-and-sale agreement that lists a purchase price of $30,000,000, with $1,500,000 in earnest money secured by a promissory note payable at closing. The sale agreement begins a feasibility period on execution, with a waiver deadline in October 2025, a target closing in December 2026 and an outside closing (with extensions) of June 2027, Chief Operations Officer Heather Sanchez told the board.

Why it matters: Under legislation passed in 2025, districts in OSPI binding conditions can deposit one-time proceeds from property sales into the general fund rather than being required to place proceeds into capital funds. Dr. Aramaki cited Senate Bill 5412 as the change that allowed the district to consider the Somerset sale as a tool to rapidly restore the district's reserves. She also cited House Bill 2049, which increases allowable local levy collection beginning in 2026 and is expected to raise roughly $5 million in a partial year and $10 million annually thereafter for the district.

Board members said the Somerset parcel has physical constraints — steep slopes and wetlands — that make it unsuitable for a future elementary school, and that declaring it surplus followed a public hearing and a competitive sale process. Director Phil Block said the district received multiple responsive bids and used outside counsel and a real estate agent to manage a competitive process. "It was a very well received property and we had a very, very good bidding process," Block said.

Chief Operations Officer Heather Sanchez and Superintendent Aramaki emphasized that proceeds will be used to restore the general fund balance required under board policy and OSPI conditions. Sanchez told the board the funds will be used to rebuild the district "piggy bank" so the district has the reserves needed for cash-flow and unanticipated events.

The resolution cites RCW 28A.335.120 and records that the board held a public hearing on June 20, 2024, before declaring Somerset 2 surplus and advancing the sale. The purchaser is identified in the contract as Tri Pointe Homes of Washington, a residential developer; the district presentations said the site is planned for single-family residential development.

Board President Carolyn Watson moved the resolution and it passed on a roll call with Directors Phil Block, Carolyn Watson, Martha Trijuez, Monica Webster and another director recorded as voting "aye." The board discussion included requests to accelerate paperwork to meet the December 2026 target and assurances the district will provide permitting updates to the community.

Background and next steps: Dr. Aramaki framed the sale as one component of a multi-pronged recovery plan that also relies on state legislative changes and increased levy capacity. The district said it began surplus-property planning more than a year before entering binding conditions and that the sale was under consideration prior to the 2025 bills that changed how proceeds could be used. The district will post transaction documents publicly following board approval and will work with OSPI as part of the binding-conditions process.

Provenance: Board staff introduced the sale and presented the purchase-and-sale agreement during board business (COO Heather Sanchez). The board read and approved Resolution No. 2025-9 on the record and completed a roll-call vote.

Less-critical details: The district said it had obtained outside legal counsel to assist the sale and that earnest money becomes nonrefundable upon the buyer's feasibility approval. The buyer will be responsible for development entitlements and any public signage or project notices would proceed under the city’s permitting rules, the board noted.