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Shawnee Mission board approves third amendment to Westwood View purchase agreement
Summary
At a special meeting the Shawnee Mission Public Schools board approved a third amendment to the real estate purchase agreement for Westwood View Elementary, extending the due-diligence period to July 1, 2025, and adding a $135,000 reimbursement to the seller.
The Shawnee Mission Public Schools Board of Education approved a third amendment to the district's real estate purchase agreement for Westwood View Elementary School at a special meeting, extending the buyer's due-diligence period and changing the scheduled closing date to July 1, 2025. The amendment also requires the buyer to reimburse the seller $135,000 for expenses incurred after the district vacated the property.
Board President Dr. Sinclair called the special meeting to order and asked Dr. Schumacher to present the item. Dr. Schumacher summarized the agreement's history: the district and the City of Westwood entered a purchase agreement in June 2023 with an original closing date of Jan. 4, 2024; an amendment on Nov. 13, 2023, extended due diligence to Aug. 1, 2024; a second amendment on June 13, 2024, moved the closing to Feb. 3, 2025; and the newly approved third amendment now resets the closing to July 1, 2025.
Dr. Schumacher said the amendment adds “an additional provision ... specifying that the buyer will reimburse the seller in the sum of a hundred and $35,000 for other expenses associated with the property after the district vacated.” He explained the reimbursement figure was calculated as the estimated interest earnings the district would have received if the district had closed earlier and invested the purchase proceeds, using an assumed investment return of about 5.1 percent: “That factor ... would come to around a hundred and 35 thousand dollars and some change,” Schumacher said.
Board members moved and seconded the motion and voted by voice; the motion carried. Six board members were present for the special meeting and voted in favor. No board member recorded a named vote in the transcript.
Dr. Schumacher said the amendment is intended to protect the city, the district and other parties by keeping the contract binding through the extended due-diligence period, which would otherwise expire on Jan. 3, 2025. No additional financial breakdowns, departmental implementation steps or external approvals were specified during the discussion.
The board adjourned after the vote. Dr. Schumacher closed the item by thanking partners in the City of Westwood for working on the amendment.
