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Meeting Date:
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9/10/2024 - 5:30 PM
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Category:
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General Functions
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Type:
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Action
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Subject:
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13.4 Consideration of Real Property Offer and Authorization of Negotiation of a Letter of Intent and Purchase and Sale Agreement with Taylor Morrison for the Powell Elementary School Property
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Strategic Goals:
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3. Budget and Finance To be responsible stewards of public funds and maximize the
resources needed to meet our goals, fulfill our priorities, and live up to
our values. 5. Facilities Our facilities will be safe, clean, and well-maintained for learning and
extra-curricular activities with state-of-the-art technology.
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Enclosure
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File Attachment:
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Rationale:
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The Azusa Unified School District (“District”) has undertaken the statutorily required process for the sale of the Powell Elementary School Property located at 1035 E. Mauna Loa Ave., Azusa, California, 91702, identified by assessor parcel number 8628-004-900 (“Property”).
On August 8, 2023, the District’s Board of Education (“Board”) adopted a recommendation by the District’s Facility Advisory (7-11) Committee to declare the Property surplus. Thereafter, the District offered the Property for sale to all required public entities pursuant to the statutory process set forth in Education Code section 17464. Upon receiving no offers from these public entities, the District requested a waiver from the State Board of Education, pursuant to Education Code sections 33050 et seq., waiving certain portions of the statutory sale of surplus property process (“Waiver”). This Waiver was approved on July 10, 2024, authorizing the District to proceed with a Request for Proposals process and allowing the District to select a buyer for the property is in the best interests of the District.
District staff, in conjunction with its real property Broker, DCG Strategies (“DCG”), has requested and reviewed a number of proposals to purchase the Property and now requests the Board to review sale of the Property to Taylor Morrison. In accordance with the Waiver, the Board is required to consider the proposal and, after consideration, select the most desirable offer found to be in the best interest of the District, supported by reasons for that determination.
Staff’s rationale for selection of the Taylor Morrison Offer:
• Taylor Morrison has a strong financial backing and a positive reputation;
• Taylor Morrison has capacity to work with interested parties and local jurisdiction; and
• The underlying terms of the offer like price, close of escrow timing and deposit amount were in the District’s best interest.
The Board is then asked to authorize District staff, DCG, and legal counsel to move forward with negotiating and finalizing specific terms of the sale through an initial letter of intent.
District staff also requests authorization to negotiate and finalize a purchase and sale agreement, which will be brought back for final Board approval at a future meeting.
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Budgetary Impact:
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Recommendation:
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It is recommended the Board of Education consider the real property offer and authorize the negotiation of a Letter of Intent and Purchase and Sale Agreement with Taylor Morrison for the Powell Elementary School Property.
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Approvals:
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Recommended By:
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Signed By:
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Hope Near - Board Secretary
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Signed By:
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Arturo Ortega - Superintendent
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Vote Results:
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| Original Motion | | Member Adrian Greer Moved, Member Sabrina Bow, Ed.D. seconded to approve the Original motion 'It is recommended the Board of Education consider the real property offer and authorize the negotiation of a Letter of Intent and Purchase and Sale Agreement with Taylor Morrison for the Powell Elementary School Property.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Yolanda Rodriguez-Peña | Yes | | Adrian Greer | Yes | | Gabriela Arellanes | Yes | | Sabrina Bow, Ed.D. | Yes | | Sandra Benavides | Yes | |
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