Board approves online auction and $315,000 reserve for former administration building

The Laurel School District board voted to pursue a 48-hour online auction through Crexi for the former administration building at 410 Colorado Avenue, aiming to create national buyer interest and a quicker sale process.

Nathan Matlidge of Coldwell Banker Commercial explained the property’s redevelopment costs, including asbestos remediation, and walked trustees through Crexi’s auction model: 35–45 days of national marketing, preregistration of bidders with proof of funds, a confidential reserve and a 48-hour online bidding window. Matlidge said Crexi’s comparable-price analysis put the low-to-high range roughly between $118,000 and $577,000; his team suggested a reserve around $315,000.

Trustees discussed pricing strategy, the opportunity to drop the reserve during the auction if bids approached but did not meet the baseline, and the district’s carrying costs while the building remains unsold. One trustee recommended setting a reserve at $315,000 with the board granting the broker authority to reduce the reserve by up to $50,000 in real time if doing so would secure a sale.

The motion to authorize the auction with Coldwell Banker and Crexi, set the reserve at $315,000, and give the professional team authority to lower the reserve by $50,000 without returning to the board passed by voice vote; the board recorded 'aye' and the motion carried.

Board members emphasized that the auction would be noncontingent, require proof of funds from bidders and that any additional auction fees would be paid by buyers. The broker said winning bidders would sign a nonnegotiable contract the day they win and provide a 10% hard deposit followed by a 30-day all-cash (noncontingent) close.

Trustees asked staff to return with recommended reserve thresholds and to keep the board informed during the marketing period.