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The Sylvania School Board of Education unanimously approved the sale of the former Central Elementary School properties on King Road for $2.25 million.
Gregory Arnold, the district's real estate legal counsel, presented the offer to board members at a special meeting on Friday.
The contract, already signed by purchaser Sam Zyndorf of King Central Development in Toledo, specified conditions that would allow up to 60 days to conduct due diligence or inspections on the property. After that, a 15-day period is allowed for closing procedures.
The offer says the school building will not have to be demolished by the district. School board member David Spiess said that would save the school an expense of about $300,000. The school was closed in 2012 when the newly built Central Trail Elementary School on Mitchaw Road opened.
The school property, on the corner of King Road and Central Avenue in Sylvania Township, has two parcels with about 13 acres. The property at 3124 and 3364 King Road has commercial zoning.
The purchaser indicated the future use of the property may be business service, clinic, financial institution, a professional office, or research facility.
Mr. Spiess said that Ohio law does not allow the sale proceeds to be used for the school operating expenses, such as books. Instead, they are to be used for capital improvement projects which have more than a five-year life span.
Superintendent Brad Rieger said the sale money is to be earmarked for several projects, with repairs to school parking lots topping the list, followed by bus purchases and roof repairs. The board and administration is expected to finalize a project list to present to the public.
“In 2009 and 2010, cuts were made to the capital budget. We targeted the sale of Central to fill that gap,” he said.
In July, the district hosted an auction for the property, and the bids came in at less than $2 million and were rejected. Re/Max Preferred Associates listed the property for $2.9 million in August. The property was originally purchased in the 1920s. Official documents showing the original purchase price have not yet been discovered, school spokesman Nancy Crandell said.
Contact Natalie Trusso Cafarello at: 419-206-0356, or ntrusso@theblade, or on Twitter @natalietrusso.