District presenters told the Board of Education they have two offers on the Marshall property and plan to move forward with the offer from Pulte Builders, subject to normal closing conditions and city permitting.

The district said Pulte’s offer would pay $500,000 for the site and that the builder would pay demolition costs, which staff estimated could be in excess of $3 million to $3.5 million. Staff described potentially receiving Brownfield-related funding that could boost the net proceeds to the district; the presenter said the developer would apply for a Brownfield-type grant and the district might receive roughly half of any award the developer obtains. "We're supposed to get at least 50% of what they receive in that Brownfield grant," a presenter said.

Why it matters: the Marshall site has carried maintenance and demolition liabilities; a buyer offering to pay demolition costs could reduce the district’s near-term capital outlays. Staff said the offer, if completed, could yield net proceeds in the multi‑millions after demolition and grant proceeds are counted, though details were not yet final.

Board discussion and details provided

- Purchase price and deposit: staff said Pulte had placed $20,000 on contract, with an additional $10,000 due after inspection; staff said the full purchase price would be paid at closing once permits and legal steps were complete.

- Permitting and timing: staff said delays were tied to the developer securing city permits and water-retention approvals; the district did not expect an extended delay once permits were in hand.

- Use of proceeds: when asked how sale proceeds would be used, staff said funds would flow to the district's general fund.

- Community questions: board members asked about neighborhood feedback and traffic impacts; staff described likely housing (condominiums/condos) and said the district expected the new development to raise nearby property values.

Next steps and outstanding items

Staff said the deal is not closed and depends on Pulte completing permitting and developer financing. The district planned to carry the matter to the regular board meeting for action and to continue coordinating with city officials and the developer’s representatives on Brownfield applications and demolition timing.

Ending note

Presenters framed the offer as a potential windfall compared with the alternative of pursuing demolition through the district’s next bond issuance. They cautioned that Brownfield grant amounts were not guaranteed and that exact net proceeds would depend on final grant awards and the timing of demolition and sale.