June 20, 2011
District offices to be on the market soon
If you are in the neighborhood of the district's central office building at 90 Adams Place over the next few weeks, you might see a sign advertising it for lease or sale pop up on the lawn.
At its June 15 meeting, the Board of Education selected Realty USA from among three proposals to represent the district in its efforts to generate some revenue for the district through renting or selling the building.
The idea was discussed by a community "Fiscal Think Tank" last fall and included in a winter feasibility study on facilities. The Board voted on March 30 to explore the idea of marketing the building - known as the Educational Services Center - with the first step being to proposals from real estate professionals interested in overseeing the process.
The Educational Services Center currently houses the offices of the Board of Education, the superintendent, assistant superintendent for educational programs, the chief business and finance officer, student registrar, and all business office operations, including human resources, payroll and purchasing. In the event of a lease or sale, these offices would likely be relocated to BCHS.
The term of the district's agreement with Realty USA is nine months. Of the three real estate brokers who responded to the district's request for proposals, the commission of 5.50 percent of the total sale or lease price in Realty USA's proposal was tied for the lowest. If a buyer or tenant is not found, it won't cost the district anything.
The district is separately obtaining an appraisal on the 90 Adams Place property to help it evaluate potential offers.