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Board reviews five-parcel purchase near McFadden School as inspection periods near expiration
Summary
The board discussed purchase contracts on five parcels adjacent to McFadden School of Excellence, noting appraisals lower than contract prices and that homes on the lots will be demolished; the board must decide whether to proceed before inspection windows close.
At the March 24 work session, board member Reed briefed colleagues on five parcels the Board of Education contracted to buy for future expansion around McFadden School of Excellence.
Reed said appraisals on the five properties — lots on Kings Highway and Bluff Avenue — came in below the contract purchase prices and that the structures on the sites would be demolished if the board completes the acquisitions. He asked the board to consider whether to move forward with notices to proceed to sellers before the inspection periods expire.
"If the board determines to purchase any of the properties, we do need to give a notice to proceed to the sellers," Reed said, and he urged members to review a chart showing contract prices, tax appraisals and the appraisal reports attached to meeting materials.
Reed said acquiring the lots would ‘square up’ the block behind McFadden, improve ingress and egress (including rear access to Bluff Avenue) and provide space to build a new school or stage renovation while limiting student displacement during construction. He reported limited seller willingness to renegotiate purchase prices and asked the board to consider options at the Thursday meeting.
Next steps: administration will ensure the board has the appraisal and contract materials for the next meeting and the board will consider whether to instruct staff to issue notices to proceed before inspection periods expire.
