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New Covenant purchase, Livingston sale at a glance

 

New Covenant purchase

  • The district is proposing to buy the former New Covenant Charter School building at 50 Lark Drive for $2.5 million at no cost to taxpayers.

    • The district would do this without any tax impact because it also is selling the former Livingston Magnet Academy (Livingston) for $2.5 million and the former Schuyler Elementary School/Albany High School (Schuyler) for $2 million.

    • The New Covenant purchase would be contingent on selling at least one of those old buildings.

    • In the long term, New Covenant would provide major savings to our taxpayers in terms of building maintenance and upkeep, and it also would provide a high-quality learning environment that our students need and deserve.

     

  • Purchasing New Covenant is an opportunity for the school district to repurpose a vacant 12-year-old school building for pennies on the dollar – and at no cost to taxpayers – while selling buildings that are 80-100 years old and in need of major repairs.

    • The $2.5 million purchase price for New Covenant is well below the asking price of $4.5 million.

    • Building a new facility like New Covenant would cost about $24 million today.

    • Between 75 percent and 82 percent of the district’s lease payments would apply to the purchase if the district buys the building at some point in 2013.

    • The costs to the district and our community of continuing to maintain Schuyler and Livingston would be substantial – tens of millions of dollars that our community cannot afford.

     

  • The distict will begin leasing New Covenant in January and will relocate the Alternative Learning Center programs there at that time.

    • The district is allowed to lease a building for up to a year; we need public approval to purchase the building.

    • We are negotiating to sell Schuyler to the University at Albany.New Covenant would provide students in our alternative-education programs the high-quality learning environment they need and deserve.

    • The modern building and additional space would allow the district to continue its focus on building stronger alternative programs that meet our students’ needs and contribute to our mission to raise achievement for all students.

    • The additional space and modern facilities also provide the district flexibility to plan for future enrollment trends, especially with another charter school closing at the end of this school year.

    • Our students would be able to use all of the facilities in the attached Arbor Hill Community Center, including the swimming pool and gym.

      • The district and the city would share the costs of maintaining and operating those shared facilities inside the community center.

      • The city still would be responsible for all other building maintenance on the community center.

      • The community center will continue to operate as it has.

  •  

  • New Covenant has been boarded up for more than two years since the charter school failed. By purchasing the building, the district would breathe new life into a vacant school building in the heart of Arbor Hill and repurpose an important community facility.

 

Livingston sale

  • For sale since 2010, Livingston is in need of significant investment soon to prevent it from falling into serious disrepair. It would be a significant financial burden to the district and our community to have to spend hundreds of thousands of dollars – or even millions if the building remains unsold indefinitely – to maintain an empty building.

    • The district believes reducing the sale price will allow us to sell the building and avoid these major expenses to our taxpayers

     

  • The district is asking for approval to reduce the minimum sale price to $2.5 million.

    • oters in May 2010 approved a minimum price of $4.5 million for Livingston, and in May 2011 allowed the district to reduce that to the current minimum of $3.25 million.

    • Based on our efforts to sell the building at those price points for more than two years, we believe market conditions require subdividing the property to retain Livingston’s four-acre “front lawn” and lowering the price on the building and remaining property to $2.5 million.

    • We are in negotiations with a potential buyer and believe this new price will allow us to sell the building.

    • The district would keep the four acres in front of Livingston along Northern Boulevard.The buyer would rehabilitate the building as a senior assisted-living facility.

 

Click here to download this information in .pdf format.

 

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