September 8, 2015
Agenda Item Title
Recommend Proposing to Accept Offer to Purchase Real Estate from Meritage Homes and Commence Upset Bid Process
Peggy Hey, Executive
Director of Facility Planning & Management
- 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.
$6,000,000. Final purchase price to be determined after upset bid process.
Agenda Item Type
Propose to accept offer OK to purchase real estate and to commence upset bid process.