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Meeting Date:
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4/6/2021 - 5:00 PM
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Category:
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Study/Action Items
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Type:
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Info/Action
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Subject:
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Approval of Letter of Intent to Purchase 10035 South Peoria Street, Lone Tree, Colorado
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End Statements:
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Enclosure
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Attachment #1: Letter of Intent to Purchase 10035 South Peoria Street, Lone Tree, Colorado
Attachment #2: 04.06.2021 LOI Presentation
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File Attachment:
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Summary :
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Douglas County School District (DCSD) was recently made aware that the University of Colorado (CU) plans to vacate and sell their south campus facility located at 10035 South Peoria Street on Lincoln Avenue in Lone Tree.
The property consists of a 151,000 square feet facility on 14.1 acres and has parking. The site is located in the northern portion of Douglas County with traffic access to major roadways. The facility has unique amenities which could be used to provide educational programming, support offices, and partnerships with other public entities.
The Letter of Intent is non-binding. If the Letter of Intent is approved by the Board of Education, and if the terms in the Letter of Intent are approved by the University of Colorado, staff would submit a Purchase and Sale contract to the Board of Education for approval. The contract would include the terms of the Letter of Intent and a Due Diligence period which would allow staff and DCSD consultants to perform a detailed feasibility analysis and determine a probable cost estimate for tenant finish. If Due Diligence findings and tenant finish cost estimates are acceptable to DCSD, staff would submit closing documents to the Board of Education for approval.
Funding: Funding for the purchase and tenant finish of the facility would be funded by bond interest and premium, and cash-in-lieu funds.
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Funding:
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Recommendation:
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That the Board of Education approve the Letter of Intent to Purchase 10035 South Peoria Street, Lone Tree, Colorado.
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Approvals:
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Recommended By:
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Signed By:
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Richard Cosgrove - Chief Operations Officer
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Signed By:
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Corey Wise - Superintendent
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Vote Results:
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| Original Motion | | Member Anthony Graziano Moved, Member Krista Holtzmann seconded to approve the Original motion 'That the Board of Education approve the Letter of Intent to Purchase 10035 South Peoria Street, Lone Tree, Colorado.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 6 Nay: 1. | | The motion Carried 6 - 1 | | | | | Ray D | Yes | | Christina Ciancio-Schor | Yes | | Anthony Graziano | Yes | | Krista Holtzmann | Yes | | Kevin Leung | No | | Susan Meek | Yes | | Elizabeth Hanson | Yes | |
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