Board votes to exercise option to buy Mitchell School property at 1240 Normal Road

The Board of Education approved a resolution to exercise the option to purchase the property at 1240 Normal Road — known as the Mitchell School — after the board considered clarifying information about the building and purchase terms.

A correction preceded the vote: district staff said the facility will use three kindergarten classrooms for the coming year, not four as had been stated in an earlier board packet. Board members discussed whether completing the purchase now provides any net financial advantage. A staff member explained the lease-purchase agreement allows the district to credit lease payments against the purchase price; the district earlier had applied monthly payments toward the purchase and has a settlement that sets the purchase price at about $1,860,000 before closing costs and negotiable fees.

A board member asked whether there was a financial advantage to buying now rather than later; staff replied the primary advantage is that students would occupy a district-owned building rather than a leased facility and that, financially, there is no material advantage or disadvantage beyond the agreed credit for prior lease payments. One board member asked whether the money for the purchase was already in the budget; staff confirmed it is included in the district's budget plan.

The roll call approving the resolution was recorded in the meeting record with affirmative votes from Steve Byers, Jose Jaquez, Mark Sherwat and Nick Atwood (as read in the transcript). The board did not record amendments to the resolution at the meeting. Staff said closing costs, attorney fees and other items will be negotiated after the resolution.