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Meeting Date:
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3/17/2022 - 7:00 PM
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Category:
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Information and Study Items
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Type:
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Action
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Subject:
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Property Redevelopment: Resolution 21-22-06: Intent to Exchange Interests in Real Property – Metzler Lot A
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District Priorities:
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Enclosure
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File Attachment:
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Summary:
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The District previously explored options for the use or disposition of its
property located at 1975 Cambrianna Drive in San Jose, commonly
known as the Metzler Site. In March of 2021, the Board entered into a
contract with Silverado for the development and joint occupancy of the
Metzler A portion of the Metzler Site. However, in the context of the
Covid-19 pandemic and current economic environment, Silverado was
unable to secure viable financing for the transaction as originally
structured. Accordingly, Silverado and the District wish to work
together to restructure the transaction through the negotiation of an
agreement for the exchange of real property. In order to complete the
desired property exchange for the Metzler A property, the District
intends to enter into an agreement with Silverado (“Exchange
Agreement”). The Exchange Agreement is authorized pursuant to
sections 17536 and 17537 of the Education Code. These Education
Code provisions require approval of this Resolution by two-thirds vote
of the Board of Trustees.
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Funding:
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Recommendation:
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Staff recommends the Board approve and authorize Resolution 21-22-06: Intent to Exchange Interests in Real Property – Metzler A, because it is in the best interests of the District.
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Approvals:
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Recommended By:
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Signed By:
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Carlena Grandey - Administrative Assistant to the Superintendent
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Signed By:
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Kristi Schwiebert - Superintendent
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