As the Board is aware, there has been some interest in the CRA acquiring the Harry Schwettman Education Center for quite some time now. Over the course of the last few months, Executive Director/City Manager Manns has had several conversations with Assistant Superintendents Ray Gadd and Elizabeth Kuhn regarding the 7.94-acre property. With the property's strategic location at the southern gateway of the city and its significant historical value, the property provides a wealth of redevelopment opportunities including, but not limited to, repurposing the use of the existing building.
The proposed Purchase and Sale Agreement provides the following terms:
• A deposit in the amount of $25,000 will be made upon the execution of the Purchase and Sale Agreement
• The transaction closing shall occur within 30 days of the fully executed Purchase and Sale Agreement
• The remaining balance of funds shall be paid in full within three years of the closing date
It should be noted that the parcel located just south of the Harry Schwettman Education Center, which is currently a parking lot, is also included in the purchase price.
RECOMMENDATION:
The recommendation is to authorize the Executive Director to enter into a Purchase and Sale Agreement in the amount of $1,750,000 regarding the property located at 5520 Grand Blvd. subject to the conditions as outlined above.
BUDGET / FISCAL IMPACT:
The funding to cover this expenditure will be provided through use of the FY 23-24 CRA land assemblage program resources.