School board approves sale of district services building, authorizes signing
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Summary
The Prior Lake‑Savage Area Schools Board voted 7‑0 to approve a purchase agreement to sell the district services building to a buyer identified as Roar for $2,650,000, authorizing the chair and clerk to sign and the superintendent to take steps necessary toward closing.
The Prior Lake‑Savage Area Schools Board of Education voted unanimously to approve a purchase agreement for the district services building and authorized district officials to complete the sale.
Attorney Zach Cronin, who negotiated the agreement on the district’s behalf, told the board the purchase price in the agreement matches the previously reviewed letter of intent: "$2,650,000.00," and that the buyer would have a 270‑day due‑diligence period followed by closing within 90 days of that period’s expiration. Cronin said the agreement gives the buyer rights to conduct inspections and seek zoning approvals while also including language to protect the district from disruptions during business hours and board meetings.
Cronin summarized other terms: the district will provide customary documents for title review; the district will cooperate with the buyer on land‑use applications to the city but limited to signing required documents; and the sale is contingent on the buyer’s purchase of an adjacent parcel, with a contractual option allowing the buyer to extend closing by 60 days to synchronize the two transactions.
Board Chair Bolian moved to approve a resolution that (1) adopts the purchase agreement, (2) designates the chair and clerk to sign closing documents as needed, and (3) authorizes Superintendent Dr. Thomas to take steps necessary to reach closing. Director France made the motion and Director Johnson seconded. The board approved the resolution on a roll‑call vote, 7‑0.
Director France thanked staff and noted the district will follow up with title companies and document requirements; Cronin recommended including a written authorization in the resolution so title companies will not require the board to reconfirm signatories later.
The board approved the motion at the business meeting before adjourning to a study session.
Next steps: the district will coordinate with the buyer’s brokers and attorneys on inspections, title commitment and any city land‑use steps; district staff said proceeds will be shown in the fiscal‑year 2026‑27 projection as one‑time revenue.