Kingsbury Middle School eligible for lease, sale
The shuttered Kingsbury Middle School campus in Zephyr Cove, Nev. will remain on the market, but its owner now has an additional option to use it.
Douglas County School District Lisa Noonan said that no written offers have come in for the property, which closed in the 2008-2009 school year.
While the undisclosed party showed interest and planned to submit an offer, the next time the board could consider bids would be in July.
Kingsbury closed its doors when enrollment became too low. The decision dispersed middle school students to the other two Lake schools, Zephyr Cove Elementary and George Whittell High.
The property has been on the market since 2012.
Noonan said while the property has seen some interest, that didn’t limit the district’s options to just selling.
It could lease the old school instead, whether through a inter-local cooperation with other local government agencies or on the open market for all parties.
The former would require simple evaluation of proposed agreements and approval/rejection by the board of trustees. The latter would require a formal resolution by the board and evaluation of the property’s market rental value.
Noonan offered the additional option because an undisclosed government party expressed interest in a lease option.
A local coop agreement came in two packages: the leasing party assumes all responsibility for maintenance, insurance and safety, or the district can be on the hook for those things and the party can pay hard cash.
A few trustees had some trepidation about the additional option.
Trustee Karen Chessell wondered whether the option would discourage another party from buying it.
Noonan said while the board has the option to reject any lease proposals and might have to commit to a long term lease, there are advantages.
“What the district would glean from it would continued ownership and possible appreciation,” Noonan said.
Board president Ross Chichester had concerns about sticking future boards with a long-term lease.
“I don’t think that is fair,” Chichester said. “Some of us are gone in two years and some in four, so a 30-year lease would scare me.”
Trustee Cynthia Trigg noted the district does has options to reject or even negotiate a lease agreement if the district takes that over selling it.
One could assume a 10-year lease of improvements before reaching a break-even point, and then put it back on the market.
“It at least allows us to see what they come forward with and we can say yes or no,” Trigg said.
The board approved the option of exploring a lease in a 6-0 vote, while keeping it on the real estate market for sale. Trustee Thomas Moore was absent.
Noonan, following the meeting, said the property, while for sale, remained in a state of disrepair and would need maintenance before occupancy was allowed.
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