Advertisement

Archive for Tuesday, June 15, 1999

DISTRICT CLOSER TO INKING DEAL FOR INDIA SCHOOL

June 15, 1999

Advertisement

Northland LC, a firm with Lawrence connections, has submitted the high bid of $864,640 for the former India School property, but the sale is pending a zoning change.

The bids are in.

Assistant Supt. Craig Fiegel told Lawrence school board members Monday that three companies had submitted sealed bids for the purchase of the former India school property on 23rd Street.

"All three bids were contingent on having that space zoned as commercial space," Fiegel said. "I will reiterate, you have not sold this property. Zoning may be something of a challenge."

Northland LC, a limited liability firm with Lawrence-based connections, has submitted the high bid of $864,640 for the property. No other information about the firm, its principals or the proposed use of the property was available Monday night.

"In recent conversations I've heard about, they (city) may not be having that corner zoned commercial," Fiegel told the board. "I have not had conversations with the city lately."

Lawrence public schools attorney Pete Curran told the board that despite the uncertainly about the zoning, he was ready to submit a contract for approval.

"We think we're at a point we have a contract we can execute and give you," he told the board.

The contract is contingent upon commercial zoning approval, something that Curran said could take time.

"It's sometimes a lengthy process," he said. "The interested parties were told by the city you should allow six months."

The contract includes a 150-day due diligence period, Curran said. After the 150-day limit, the buyer can apply for as many as three extensions of up to 30 days each by paying an additional $7,000 per 30-day period, Curran said.

"We're close to what we could recommend to you," he told the board.

Curran asked the board to approve a transaction to be negotiated by the board president for the sale of the property.

"We're going ahead, but not committing 100 percent, in case something comes up," board member Kerry Altenbernd stated, for clarification.

"Yes," board President Maley Wilkins said.

The board unanimously approved ongoing negotiations between Wilkins and representatives for Northland LC.

-- JL Watson's phone message number is 832-7145. Her e-mail address is jwatson@ljworld.com.

Commenting has been disabled for this item.