Depew School Board OKs sale of Terrace Education Center - The Buffalo News

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Depew School Board OKs sale of Terrace Education Center

The Depew School District is a step closer to downsizing its footprint within the village.

During its meeting Tuesday night, the Board of Education approved the sale of the Terrace Education Center at 591 Terrace Blvd. for $392,000 to Roger J. Hoffman and Michael R. Adolf.

Superintendent Jeffrey Rabey said that the pair plans to convert the building into apartments.

The move comes one week after voters approved a proposition to sell the building at or above fair market value, which had been determined to be between $381,713 and $409,988.

Rabey recommended approval of the sale, stating that the district’s real estate firm, Cushman & Wakefield Pyramid Brokerage Co., studied comparable properties around Western New York and considered the condition of the building and necessary renovations to determine the fair market value.

The School Board passed the measure, 6-0, with Trustee John Spencer excused.

“I’m very pleased that we got that number,” Trustee Patrick Law said of the sale price.

Vice President Barbara Staebell asked Rabey where the proceeds of the sale would go.

“The money goes into our debt service,” Rabey said, adding that the full amount would be used to offset any debt associated with the building.

The closing and transfer of title would take place no earlier than July 1.

The board agreed to hire the real estate agency in November after the district had gone through two unsuccessful bid cycles, leading Rabey to suggest that the district seek outside assistance with the sale.

Also during the meeting, the board approved tenure status for Hillary Weir, a science teacher at Depew Middle School.

The next board meeting will be held at 6:30 p.m. Tuesday, June 17, in the library at Depew High School, 5201 Transit Road.

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