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Board authorizes 14-day extension as buyer seeks $500,000 reduction for downtown Ocala warehouse
Summary
A buyer asked the district to reduce the purchase price for a downtown Ocala warehouse by $500,000 citing more than $500,000 in repair costs; the board agreed to let the chair sign a short due-diligence extension to allow public notice and additional review.
The Marion County School Board agreed late on May 27 to authorize a short extension of the buyer's due-diligence period for a downtown Ocala warehouse after the buyer sought a $500,000 reduction in the agreed sale price.
Real-estate counsel and the board's outside broker described a negotiated path forward: rather than deciding immediately on the buyer’s requested price reduction, the board directed staff to execute a short extension of the due-diligence period (board and staff agreed on 14 calendar days from May 28) so the transaction could be properly noticed and considered at a public meeting. The board chair agreed to sign the amendment on behalf of the district.
Attorney and broker presentations to the board said the buyer had identified about $519,000 in repairs during inspections and had proposed adjusting the price to $2,000,000; earlier briefing materials showed the property had been listed near $1.995 million and a prior auction produced lower bids. Real estate adviser George McGraw told the board the buyer had been willing to close quickly and to make funds “hard” if the reduction were accepted, but that the district had the option to take additional time to publicize the item and seek more community input.
Board members said they were uncomfortable deciding at short notice without broader public notice; others warned that any extension gives the buyer additional time to terminate the agreement during due diligence. The board settled on an extension window to allow proper public notice and additional review, with the chair authorized to sign the second amendment to the agreement if needed.
The board did not vote on a reduced sale price at the May 27 meeting. Counsel said the extension would be circulated to the buyer and a signed amendment was expected the morning after the meeting if the chair signed it. Board members emphasized that extending due diligence does not compel a sale; the buyer can still cancel within the extended period.
