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Marion County School Board votes to close sale of Central Warehouse property, nets about $1.91 million
Summary
The Marion County School Board voted 5-0 to proceed with closing on the sale of the Central Warehouse property after buyers delivered funds to escrow; board members discussed escrow, broker commission and earmarking proceeds for a district data center.
The Marion County School Board voted 5-0 July 22 to proceed with closing on the sale of the Central Warehouse property after the buyer delivered funds to escrow and signed closing documents.
The vote followed an update from Interim Superintendent Dr. Danielle Brewer and outside counsel that the sale had missed two earlier closing dates but that the buyer’s funds were in escrow as of the prior day. “They are completely ready, willing, and able to close on the warehouse property right now,” outside counsel Mr. McGraw said.
The board heard that the gross sale price is $2,000,000; after broker fees and closing costs the net proceeds expected to reach the district are $1,910,580. Board members were also told that the buyer executed an assignment changing the purchaser to a special-purpose entity identified in the closing documents as “1 Remington Ocala, Grama numeral 2 LLC.”
Board discussion touched on the timeline and repeated extension requests from the buyer. Dr. Sarah James said she would prefer not to grant repeated extensions but supported closing now that the money is in escrow; Dr. Allison Campbell likewise said having cash “in hand” removed uncertainty. Reverend Eric Cummings said he was “not pleased” with the buyer’s process but would vote to close.
Counsel explained consequences if the board declined to close: the $100,000 earnest-money deposit could be contested and, under the broker agreement, up to 50% of that deposit would be payable to brokers absent an agreement or court order. Mr. McGraw and counsel said recovering a deposit would require additional legal steps.
After the motion to proceed and a second, the board voted 5-0 to approve closing. Counsel said the district would sign the closing documents and that funds would be dispersed to the district the following day. Several board members said they planned to recommend that the net proceeds be earmarked for development of a district data center.
The board directed no further public action beyond signing and closing; counsel and staff will complete the closing paperwork and disbursement process.
