In August 2005, the Board declared Gary Adult School as surplus property. The Board has received three offers to purchase the school (a) $610,000 subject to a due diligency contingency; (b) $606,000 on an "as is, where is" basis; and (c) $550,000 subject to a due diligency contingency. The property appraised at $790,000, but the estimated costs of restoration are in excess of available or projected funds. In this respect, the District needs to expeditiously relinquish the property and acknowledges that offers below appraised value will be evaluated and considered. After review of the submitted offers, Staff recommends the acceptance of the $606,000 offer with no contingencies be accepted.

Any dollars received associated with the sale of Gary Adult School will be receipted to Land Proceeds.