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Meeting Date:
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3/12/2024 - 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
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Subject:
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Purchase and Sale Agreement for 10235 Parkglenn Way
(10-Minute Presentation | 10-Minute Q&A)
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End Statements:
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Enclosure
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Attachment #1: BOE 3.12.24_Purchase and Sell Agreement Parkglenn Way (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 of property for sale at 10235 Parkglenn Way in Parker. The property consists of a 23,950 square foot educational building located adjacent to Highway 83, South Parker Road, between Lincoln Avenue and Plaza Drive. The facility was constructed in 2004, includes 16 classrooms, offices, over 100 parking spaces with circulation for pick up and drop off, and a basketball play area. The current owner has also made Capital improvements to the property.
The property on Parkglenn Way would be ideal to house the Parker Bridge and Child Find programs currently located on a two acre site owned by DCSD at 11722 Dransfeldt Road in Parker. The Dransfeldt site consists of substandard mobile classrooms for Bridge and a 40 year old former house converted for use by Child Find. The former house is not fully ADA compliant. Because of this urgent need, the 2023 Bond included a replacement facility to house these programs. The Parkglenn Way property could also potentially support additional programs.
On February 27, 2024 the Board of Education approved an Exclusive Right-To-Buy Listing Contract with CBRE to represent the interests of the District and assist in the process to purchase this property. CBRE is a commercial real estate firm prequalified by DCSD through a competitive Request for Proposal process.
On March 8, 2024 DCSD and the owner of the property executed a non-binding Letter of Intent (LOI) for the sale of the property to DCSD. The LOI specifies the terms and timelines of the sale to be included in the Purchase and Sale Agreement. The agreement includes an inspection period to allow DCSD to complete all due diligence prior to closing.
The purchase price for the property is $4,300,000. This cost is significantly less than the estimated amount which was planned in the 2023 Bond to demolish the substandard mobile classrooms and former house at 11722 Dransfeldt Road and construct a new building on that site. The Parkglenn Way property is also more than twice the size of the building which was planned in the 2023 Bond. The funding source will be the proceeds from the sale of the Westridge Glen school site, which the district recently sold to a developer.
At a potential special meeting in March, staff will present a Purchase and Sale Agreement for the purchase of 10235 Parkglenn Way for Board of Education approval
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Funding:
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Recommendation:
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Information only.
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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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Mary Kay Klimesh - General Counsel
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Signed By:
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Erin Kane - Superintendent
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