PUSD hopes to finalize office sale
Prescott Unified School District leaders hope they are close to the finish line on the sale of the former district office on South Granite Street — it is the last of three properties the community three years ago opted to sell.
The sale was scheduled to close in mid-June. The potential buyer, however, opted for a 45-day extension to assure this will prove a sound investment and pushed the closing date into early August, said PUSD Chief Finance Officer Brian Moore. The buyer will forfeit some money for that option, but the amount will not to be disclosed until the deal finalizes, he said.
If the August closing does not occur, based on the contract stipulations, the off-white building that sits just above the Granite Creek river bank in the downtown center across from the parking garage will go back on the market, Moore said.
All of the details related to this particular sale have been kept confidential pending a final sale.
To date, PUSD has collected $4.8 million from Ironline Partners in Phoenix for the sale of both the former Dexter Elementary that is now leased to Northpoint Expeditionary Learning Academy and the former Miller Valley Elementary School. Miller Valley was razed last spring for future development.
The former district office’s location in the heart of the downtown district makes it a seemingly appealing commercial property, but its proximity to the creek, its 1930s vintage layout and city code specifications also have proved obstacles that at least three other buyers decided was not worth the risk.
The Governing Board held several closed-door sessions related to the prospective sale. In the last sessions, members agreed to some modifications, including on price, so as to complete a sale.
Proceeds from the sale of all three buildings can only be used by the district for one-time, major purchases or building renovations. School leaders have said the intent is to use the dollars to enhance educational opportunities for the district’s nearly 4,000 students.