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Board presented purchase-and-sale agreement to sell Poindexter Elementary for $400,000 to housing partnership
Summary
Administration recommended declaring Poindexter Elementary surplus and entering a purchase-and-sale agreement with MSD 2, Mississippi limited partnership representing Gulf Coast Housing Partnership Inc. and the Center for Social Entrepreneurship for $400,000 (with $5,000 earnest at signing and $35,000 additional upon securing funding).
The administration recommended that the Jackson Public School District Board of Trustees declare Poindexter Elementary School surplus property and approve a purchase-and-sale agreement with MSD 2, Mississippi limited partnership acting on behalf of Gulf Coast Housing Partnership Inc. and the Center for Social Entrepreneurship.
The presenter said the purchase price is $400,000, with $5,000 in earnest money to be tendered at signing of the PSA and an additional $35,000 to be paid upon the buyer securing additional funding. The presenter said that after approval of the PSA the due-diligence period would begin and a final closing date would be agreed by the parties.
Background: staff said JPS published a request for proposals in September 2024 inviting proposals to purchase certain former school properties. On or about Nov. 20, 2024, the two organizations submitted a joint proposal for Poindexter Elementary.
The presentation closed asking for questions; the excerpt does not show a separate roll-call vote on the Poindexter sale in the provided portion of the meeting.
