DOWNEY — The Board of Education of the Downey Unified School District has given its final approval for the sale of a surplus elementary school site to a Los Angeles-based home builder for $9 million.
The district will receive $6.75 million from M.J. Brock & Sons Inc. once the sale clears escrow, which could take as long as two years, said Gary Orsinger, assistant superintendent of administrative services.
The remaining $2.25 million will be paid as M.J. Brock sells the homes proposed for the 10.5-acre Edith Unsworth School site, which is in a residential area at 9001 Lindsey Ave.
The agreement approved by the Board of Education also enters the district into a limited partnership with M.J. Brock. In addition to the money from the land sale, the district will receive 35% of any profits generated by the proposed housing project, Orsinger said. Orsinger did not have a projection of those profits.