The Payson Unified School District (PUSD) school board voted to accept an offer to purchase the mothballed Frontier Elementary School site during a special meeting Friday, April 19.
Superintendent Ron Hitchcock said he had advised the board to neither disclose the purchase price, nor the identity of the buyer.
However, the board had earlier rejected two offers lower than its $1.25 million, cash asking price.
“An interested party has submitted an offer,” said Hitchcock, “I have advised the board to approve the offer” pending approval of lawyers on both sides of the deal.
After the meeting, Hitchcock explained that just like a private real estate purchase, PUSD and the potential buyer will now go through a closing process that requires an inspection, a verification funds are available, and an agreement on the assessed price.
Hitchcock said he believes the district will have settled all the details and can release the price and the identity of the buyer by its May 13 meeting.
For more information, see Tuesday’s Roundup.