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District told some surplus lots have low market demand; larger corner parcel and Kolb Annex discussed as possible revenue sources
Summary
A Century 21 agent told the board many small in‑city lots the district owns average $13–15k and sell slowly; a larger 6‑acre parcel near the river could fetch substantially more depending on zoning, while selling Kolb Annex would not immediately solve near‑term budget pain because the district owes more than current valuations.
The Beloit School District discussed using property sales to generate one‑time revenue as part of a package of budget responses. Dr. Anderson said the district owns several small lots accumulated over time and asked a local real‑estate agent to assess marketability and likely proceeds.
Mike Marquette of Century 21 told the board most small, inner‑city lots are valued roughly $13,000–$15,000 and tend to sell slowly; in the prior year only about a dozen comparable small lots in the city sold and the average days on market was over two years. He identified one larger 6‑acre parcel by the river and a former CVS site as more desirable because they could be rezoned for commercial use; he put a broad floor of roughly $289,000 (comp for a nearby 5‑acre listing) and suggested per‑acre values for prime buyers could be much higher depending on market interest.
Board members and staff cautioned that selling Kolb Annex and other buildings might not solve near‑term funding because the district still carries long‑term debt on those properties. One board member referenced a long‑term debt of about $4.5 million remaining on a corner building; Dr. Anderson said carrying costs and daily expenses on underused properties can make sale attractive in the long run but do not necessarily close the immediate budget gap.
The board discussed the logistics of timing, zoning changes and potential combined lot sales (combining neighboring lots to create more attractive parcels) and agreed staff should provide appraisals, payoff figures and the likely net proceeds timeline before firm decisions are made.
Attribution: market observations and value estimates are attributed to Mike Marquette (Century 21); sale strategy and debt figures were presented by Dr. Anderson and discussed by board members.
