Charlotte-Mecklenburg Board of Education
Agenda Item

Meeting Date
September 8, 2015

Agenda Item Title
Recommend Proposing to Accept Offer to Purchase Real Estate from Meritage Homes and Commence Upset Bid Process

Staff Present

​Peggy Hey, Executive Director of Facility Planning & Management

Main Points
  • ​The Board of Education previously declared its intent to sell certain real property in vicinity of Ballantyne Elementary School as shown on the attached Exhibit A (the "Property").
  • CMS staff has solicited offers to purchase the Property.
  • Terms of the most favorable offer are:
    • Buyer:  Meritage Homes
    • Purchase price: $6,000,000
    • Due Diligence Period:  90 days
  • CMS staff recommends that the Board of Education propose to accept this offer OK and instruct staff to commence the upset bid process in accordance with state law. 

Fiscal Implications
$6,000,000. Final purchase price to be determined after upset bid process.

Agenda Item Type
consent items

Propose to accept offer OK to purchase real estate and to commence upset bid process.