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Board reports closed‑session approval to buy property next to Franklin Elementary for $2.8 million
Summary
In a closed‑session report the board disclosed approval of a purchase agreement for 814 25th Street adjacent to Franklin Elementary. Staff said the $2.8 million purchase is funded from Capital Outlay Projects Fund 40, and recommended staff return with use recommendations and entitlement steps.
The Santa Monica‑Malibu Unified School District Board reported that it approved a final closing statement in closed session to acquire 814 25th Street, a property adjacent to Franklin Elementary School, for a purchase price of $2,800,000. District staff told the board that the full estimated closing costs — including escrow, fees, taxes, legal fees and selling agent commission — bring the expected total to $2,925,688.63 and that funds for the purchase will come from Capital Outlay Projects Fund 40, not voter‑approved general obligation bonds or general fund dollars.
Staff explained the district has not yet determined a use for the parcel and said it will return to the board over the next year with recommendations for immediate and future use and with any required entitlement steps, including CEQA as needed, prior to occupying or changing the site. At the time the board reported the closed‑session action, it said it approved the final closing statement with 5 yeses and 1 abstention (as recorded in the closed‑session roll call).
