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Well that's strange... the expected cost for improvement of the building is $35M, and that is for an entirely different use with totally different zoning requirements (residential). But to be suitable for continued use as a school, we were told that costs were $55M, then $66M, then $81M, all the way up to one radio show where Mark Roosevelt reportedly put the cost at $100M.
Note also the bidder intends to seek tax abatements (LERTA).
Also, before this building with a wonderful gym, pool and auditorium is sold- we really need to consider whether facilities issues at the remaining schools have been resolved. Has a plan been worked out so that both a middle and high school, with boys and girls varsity and JV teams, can all use the Peabody building? Will U Prep students actually travel to Peabody and has scheduling been worked out so that U Prep is able to fulfill its promise of offering "all high school and middle school sports"?
Connnolly and Letchey together sold for $285,000 to Green Innovators; Van Elementary sold for $350,000 to the Pgh Diocese; Boggs Avenue sold to J&B (J&W?)real estates for an undisclosed amount. Can anyone find out how much it sold for? Rumor has it that it sold in the low tens of thousands.
Since I was in the general area today, I stopped by Boggs Avenue School. Boggs was opened with workmen busy replacing the windows and other such rennovations. One of the workers there told me that the school was being remodeled into apartments by J&B realtors. The worker was scolded before he could tell me anything else. I was chased off the premises and told that everything is public record.
When did the bid deadline change from December 31, 2011 to October 25, 2011? I specifically asked Dr. Lane about the deadline at the community meeting held at Greenway in early September. She confirmed the deadline to be in December as stated in the August board minutes.
This appears as a knee jerk attempt to save Board positions. In their haste to sell these properties before the general election, they are settling for less than market value. J/B realtors will turn a very sizable profit from what I understand; especially if the abestos was removed and the roof was fixed prior to the sell. We need to look into this!
The whole technique of apparently waiting until a particular buyer was identified, then amending district procedures to allow a speedy sale, and then moving the announced deadline up even further is highly problematic and objectionable.
7 comments:
Well that's strange... the expected cost for improvement of the building is $35M, and that is for an entirely different use with totally different zoning requirements (residential). But to be suitable for continued use as a school, we were told that costs were $55M, then $66M, then $81M, all the way up to one radio show where Mark Roosevelt reportedly put the cost at $100M.
Note also the bidder intends to seek tax abatements (LERTA).
Does either sales price cover the cost of paying off the debt service?
Schenley doesn't have debt. Reizenstein debt was something like 10M a few years back.
No Q, Schenley has to have some debt; the windows were replaced, etc. about 10 years ago.
I think Ebony Pugh was quoted recently at a figure of something like $4 million.
Also, before this building with a wonderful gym, pool and auditorium is sold- we really need to consider whether facilities issues at the remaining schools have been resolved. Has a plan been worked out so that both a middle and high school, with boys and girls varsity and JV teams, can all use the Peabody building? Will U Prep students actually travel to Peabody and has scheduling been worked out so that U Prep is able to fulfill its promise of offering "all high school and middle school sports"?
Connnolly and Letchey together sold for $285,000 to Green Innovators; Van Elementary sold for $350,000 to the Pgh Diocese; Boggs Avenue sold to J&B (J&W?)real estates for an undisclosed amount. Can anyone find out how much it sold for? Rumor has it that it sold in the low tens of thousands.
Since I was in the general area today, I stopped by Boggs Avenue School. Boggs was opened with workmen busy replacing the windows and other such rennovations. One of the workers there told me that the school was being remodeled into apartments by J&B realtors. The worker was scolded before he could tell me anything else. I was chased off the premises and told that everything is public record.
When did the bid deadline change from December 31, 2011 to October 25, 2011? I specifically asked Dr. Lane about the deadline at the community meeting held at Greenway in early September. She confirmed the deadline to be in December as stated in the August board minutes.
This appears as a knee jerk attempt to save Board positions. In their haste to sell these properties before the general election, they are settling for less than market value. J/B realtors will turn a very sizable profit from what I understand; especially if the abestos was removed and the roof was fixed prior to the sell. We need to look into this!
The whole technique of apparently waiting until a particular buyer was identified, then amending district procedures to allow a speedy sale, and then moving the announced deadline up even further is highly problematic and objectionable.
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