Another lumbering step forward has been taken in the effort to raise budget money for the School District of Philadelphia. Since last year’s December 17th deadline, the District has received 20 offers for the 28 school buildings for sale, seven of which were “expedited sales” and open to individual bids.
Putting the abandoned buildings on the market and using the money to fill its budget gap has it proponents, but another deadline looms. As the Inquirer’s Troy Graham puts it:
To cover what the city pledged toward the district’s budget deficit, sales worth at least $61 million have to be completed by June 30. If not, the city would have to dip into its funds to make up the difference.
But if anyone is positive about meeting the deadline, it's Mayor Nutter. His spokesperson cited interest in the properties as a good sign.
Meanwhile, City Council President Darrell Clarke wishes a different sale process were used, calling the district's real estate methods "not consistent with the sense of urgency the district had this summer about the need for revenue" (translation: Pick up the pace!).
Could he have a point?
Meanwhile, in real estate news elsewhere...
• Behold the proposed redesign of Columbus Square Park [Passyunk Post]
• Exclusive: Five Below nearly doubles its Philly HQ [Philadelphia Business Journal]
• Township, County Fight Over Land [Comcast SportsNet Philadelphia]
• A New Year, A New Demolition In Pennsport [Hidden City]
• Brandywine Completes $248.9M Acquisition in Philadelphia [CoStar Group]