Post by Chris_Wendt on Dec 13, 2012 5:52:50 GMT -5
Seaford voters turned out in underwhelming numbers and approved the sale of the Seaford Avenue School to a developer planning to build a condo complex on the site. The sale is contingent upon zoning approvals.
The deal is potentially worth $7 Million+ to the Seaford School District because it includes, in addition to the $5 Million gross sales price, another $2 Million in costs for the developer to demolish and remove the old school building.
For the past 2-1/2 years Seaford has been struggling over the loss of $400K rental income since BOCES did not renew its lease on this building. In addition, the building costs Seaford $100K each year for insurance, maintenance and repairs.
The proposed condo complex is expected to yield $500K in annual tax revenue to the school district, and the restrictive covenants preclude school-aged children from living in the complex.
Read Patch article (hyperlink)
This deal now will require ToH zoning action and Nassau County Planning Commission approval of the subdivision and development.
Chris Wendt
The deal is potentially worth $7 Million+ to the Seaford School District because it includes, in addition to the $5 Million gross sales price, another $2 Million in costs for the developer to demolish and remove the old school building.
For the past 2-1/2 years Seaford has been struggling over the loss of $400K rental income since BOCES did not renew its lease on this building. In addition, the building costs Seaford $100K each year for insurance, maintenance and repairs.
The proposed condo complex is expected to yield $500K in annual tax revenue to the school district, and the restrictive covenants preclude school-aged children from living in the complex.
Read Patch article (hyperlink)
This deal now will require ToH zoning action and Nassau County Planning Commission approval of the subdivision and development.
Chris Wendt