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Meeting Date:
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3/18/2021 - 7:00 PM
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Category:
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Information and Study Items
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Type:
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Action
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Subject:
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Redevelopment of District Property Contract (Phase IV)
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District Priorities:
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Enclosure
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File Attachment:
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Summary:
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A the June 10, 2019, Board Meeting the Governing Board of Trustees entered into contract with Terra Realty Advisors to investigate potential redevelopment of District properties. Subsequent contracts for Phase II & Phase III were entered into on October 21, 2019 and March 25, 2020 respectively. The Phase IV contract proposed here continues the work on Metzler A & Metzler C, and the Firehouse, and adds additional consulting support for potential negotiations necessary for property in the "North 40" project which encompasses a portion of land development within the Cambrian School District boundaries.
-Metzler: there are two parcels of land that could be of interest for ground leases for potential developers. These two parcels could be developed while still maximizing the building spaces currently being leased.
-Red Dog Shred (Fire House):options to consider are leasing the site to a developer for commercial uses, exchange property for a District needed real property asset and/or income property, or a new lease to a retail tenant of the existing building.
Attached is the Board requested contract with Terra Realty Advisors to continue with the preliminary investigation of district-owned properties for revenue-generating potential.
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Funding:
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District Facilities Fund 210
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Recommendation:
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Staff recommends the approval of the Phase IV contract with Terra Realty Advisors to further the work on the above named projects at a "not to exceed" rate of $75,000 for the remainder of the 2021 calendar year.
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Approvals:
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Recommended By:
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Signed By:
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Penny Timboe - Chief Financial Officer
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Signed By:
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Dr. Carrie Andrews - Superintendent
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