School board to consider price of Kingsbury Middle School property
December 15, 2017
The Douglas County School District Board of Trustees will consider a resolution to approve advertising the Kingsbury Middle School property for $3.45 million at a meeting on 9:30 a.m. Monday.
Superintendent Teri White had one new appraisal done by The Johnson Valuation Group, one of the original appraisers, who appraised the property at $3.15 million.
Daniel A. Leck and Associates, another one of the original appraisers, did not reappraise the property because they said the market has not changed significantly since 2015. They stuck with their original appraisal of $3.75 million.
White's recommendation is to advertise the property at $3.45 million, saying the previous boards had taken a midpoint between the two appraisals as the offering price.
The Kingsbury Middle School property was put up for sale in January 2012. Lake Parkway LLC, a Glenbrook-based company made an offer on the property for $3.15 million, but the offer fell out of escrow in July, after the board approved several extensions.
Lake Parkway LLC has hoped to use the property to construct 420 units of affordable housing. That proposal sparked some backlash from nearby residents ahead of the board’s decision to deny another escrow extension.
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Kingsbury Middle School was open from 1976 to 2008. It was built for $1.6 million to help with the then-burgeoning population at Lake Tahoe. According to previous reporting by The Record-Courier, the school opened at peak enrollment time at the Lake, but since then the Douglas student population at the Lake has been dropping.
The school was put up for sale in 2012 for $4 million and it wasn't until Lake Parkway made an offer in 2015 that anyone had come forward.
At the school board meeting in October, members voted to place the property back up for sale and to hire a consultant to find out how to improve the value of the Kingsbury Middle School property. Since that vote, White had the two original appraisers reappraise the property.
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