OLMSTED FALLS CITY SCHOOLS PLACE DISTRICT-OWNED PROPERTY UP FOR AUCTION
Sale Would Generate Alternative Revenue Source for District
The Olmsted Falls Board of Education has entered into a contract with Marco Auction / Russell Real Estate Service for the purpose of marketing and attempting to sell the district-owned property located at 27331 Schady Road through an auction. The Public Auction will be held on October 26, 2020, and the company will commence with marketing efforts in the month leading up to the auction date.
Being able to convert this long-time district land asset on Schady Road into usable funds would be of benefit at this time. Funds from the sale of the property would go towards the district’s permanent improvement fund for ongoing maintenance of our facilities. This will provide the district with the flexibility to free up funding currently addressing these needs to where it matters the most - the day-to-day operations of our schools, including teachers in the classroom, and programs and services for students. This means more money for students without adding to the current budget.
Identifying alternative sources of revenue is a priority for Olmsted Falls City Schools. Being able to generate alternative revenue streams to increase available district funds benefits both district operations and our local taxpayers. Any alternative revenue that can be generated outside of local property tax collection helps the district avoid relying on taxpayers for all necessary funds.
Monitoring and managing district growth, and district facilities needs over time, in the most efficient way possible has also been a priority of Olmsted Falls City Schools. In recent years, the district has monitored the market value of the Schady Road property - which was originally secured by OFCS through a lease purchase agreement entered into in June 2002, followed by the full purchase of the property in July 2004. Recent market appraisals of the Schady Road property and interest in the area indicate now as an optimal time to place the property up for auction and attempt sale.
While originally purchased as a potential site for a school building and/or fields - as well as a way to mitigate residential growth at a time when the district’s population was exploding - the Schady Road site is no longer needed for these purposes. Completion of the expansion and renovation at Olmsted Falls High School (in 2018) marked the final project in the district’s master facilities plan, providing ample space for current as well as projected student enrollment. In addition to the most recent OFHS project, in recent years, the district also built a new intermediate building school (in 2008), and completed a significant expansion adding a new wing to the existing Olmsted Falls Middle School (in 2010).
The land on Schady Road is currently zoned as “R40” residential, which is low density residential requiring a minimum lot size of 40,000 square feet (approx. 1 acre). A buyer wanting to explore a change in zoning would need to do so through Olmsted Township. Should the property be purchased and maintain its residential zoning, the district does not anticipate overcrowding issues in the event of new residential housing being built on the Schady Road property.
Olmsted Falls City Schools will plan to report out to the community the results of any sale of this property.
To review a list of Frequently Asked Questions and summary Information Points regarding the potential sale of 27331 Schady Road, please click HERE.
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