Highlights-from the September 9, 2013 – Regular Governing Board Meeting Agenda of SMUSD
“SCHOOL SITE OPTION AND PURCHASE AGREEMENT AND ESCROW”
EXECUTION OF AN OPTION AGREEMENT AND ESCROW INSTRUCTIONS BY AND BETWEEN SAN ELIJO HILLS DEVELOPMENT COMPANY, LLC, A DELAWARE LIMITED LIABILITY COMPANY (“OWNER”), AND THE SAN MARCOS UNIFIED SCHOOL DISTRICT (“DISTRICT”)
DISCUSSION:
The Option Agreement is the first of two parts of the agreement for the purpose of purchasing Assessor Parcel No. 679-221-16-00 from the San Elijo Hills Development Company, LLC, (SEHD). SEHD would like to partner with the District by negotiating the purchase of their property, but has stated that they have offers from other prospective buyers. This Option Agreement facilitates the following recommendations by the District in an effort to secure the purchase of said parcel of property:
- “Good faith” gesture to SEHD to ensure our interest in purchasing the property. District’s deposit of $50,000 is fully refundable.
- Establish the “Feasibility Proceedings” that are required by the District including compliance with applicable law and Education Code 17211, California Environmental Quality Act (CEQA) approval, Department of Toxic Substances Control approval, and California Department of Education approval as to consideration of the proposed District Project.
The second part of the agreement is the Purchase Agreement, which will complete the purchase of the property from SEHD following CEQA certification. If the District does not obtain subsequent agency approvals, as anticipated, SEHD has the first right to purchase the property back from the District.
(“Purchase Price”) for Property shall be Five Million Eight Hundred Sixteen Thousand Dollars ($5,816,000).
The SMUSD has stated they also need to purchase land from two other adjacent private land owners in addition to SEHD; to complete acquisition of land to build the proposed school.
