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Adams 12 board authorizes sale of 13.5 acres south of Educational Service Center for $9 million
Summary
The Adams 12 Five Star Schools Board of Education approved the sale of 13.5 acres south of the district Educational Service Center to McWinnie Real Estate Services LLC for $9,000,000 and authorized the superintendent to negotiate related agreements.
The Adams 12 Five Star Schools Board of Education voted unanimously June 4 to approve the sale of 13.5 acres of district-owned land south of its Educational Service Center to McWinnie Real Estate Services LLC for $9,000,000. The board also authorized the superintendent to negotiate and sign a letter of intent, a purchase and sale agreement, and to take other steps necessary to complete the transaction.
The sale followed an executive session earlier in the meeting in which the board discussed negotiations, legal advice and real estate matters related to the property under board policy and Colorado Revised Statute section 24-6-402. The motion to approve the sale was made on the record and carried with all five voting members in the affirmative.
Board members said the transaction has been under discussion for years and that staff and outside real-estate advisers conducted due diligence before bringing the motion forward. The resolution as adopted authorizes the superintendent to finalize documents needed to close the sale; no final closing date or conditions beyond standard negotiation authority were specified in the motion.
The board did not identify any conditions, contingencies, or future uses for the land in its motion. The district did not provide additional details on how the sale proceeds will be used during the meeting.
Votes and next steps: the board's approval authorizes staff to negotiate a letter of intent and purchase-and-sale agreement; subsequent documents and the closing timeline were not specified at the meeting.
