Bellevue board approves sale of Somerset property to speed fund-balance recovery under state "binding conditions"

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…