Asset Management Committee approves advisory recommendations for former Englewood Adult School, adds loan maturity date

The Asset Management Committee approved an advisory committee recommendation report on the former Englewood Adult School on June 17, 2025, agreeing to add the property's loan maturity date to the report's fiscal considerations before forwarding the recommendations to the board.

Chair Cheryl Matthews opened the meeting and introduced County Administrator Dr. James Morris, who explained the meeting had been rescheduled because the prior session lacked a quorum. A motion to approve the full recommendation report ' including the requested addition of the loan maturity date under fiscal considerations ' was made, seconded and approved by roll call.

Why it matters: committee members repeatedly emphasized the financial constraints tied to the property. "The former adult school property carries an outstanding loan with US Bank totaling $975,000 carrying interest an interest rate of 5%. Annual debt service payments amount to $127,500 paid semiannually each year on September 1 and March 1," a committee member read aloud when reviewing the report's fiscal considerations. The same passage cited that debt service is funded through the adult education block grant (about 6% of annual adult education funding) and that preliminary renovation estimates may total approximately $7 million.

Committee discussion focused on how proceeds from any future disposition would be treated. Members heard that lease revenue would provide the district more flexibility for program use, while proceeds from a sale would be more restricted and would typically be deposited into a facilities fund. Committee member Neil Jordan pressed for specific loan details to be added to the report; members agreed to include the maturity date in section three of the fiscal considerations.

The committee then voted to approve the advisory committee's report to the board with that technical revision. The clerk read the roll call and recorded affirmative votes; the chair declared the item approved.

Public comment and other items: during the public comment portion of the agenda, John Martin, co-founder of Gracehopper STEM Academy in Englewood, urged the district to consider his organization if any closed school sites become available for lease. "Grace Hopper, please keep our name in there and when the time comes up on your busy agenda to consider the possibility of leasing one of these properties, we'd love to talk further on it," Martin said.

Committee members closed the meeting by noting the loan maturity will be added (one member reported the maturity date as 2035), scheduling the next meeting for Aug. 26 and recognizing community volunteers at Kelso school. Committee member Mr. Pettis thanked two daily volunteers by name, saying they raise funds and help keep students safe: Daniela Biseno and Shayla Woodard.

The meeting adjourned at roughly 5:30 p.m.