The Los Altos School District’s planned purchase of a 10th school site in Mountain View has been moved back a week, from Dec. 4 to Dec. 11, as the district waits for a few final documents to be signed.
The district is purchasing the 11.65-acre site at the corner of California Street and Showers Drive for $155 million from Federal Realty.
According to Randy Kenyon, the district’s business director, the district is waiting on a couple of third-party agreements concerning access to a road that runs through the property.
“There’s nothing substantive that’s causing the delay,” Kenyon said in a Dec. 4 interview. “We could have closed escrow today and just gotten these agreements afterwards. They’re not substantive to the close of escrow.”
Although the deal could have been closed and the documents added later, Kenyon said the decision was made to push the sale out a week, to give time for the final pieces of paperwork to be signed.
The process to acquire a 10th school site has been years in the making, and the district is using a number of mechanisms to offset the $155 million sale price.
The city of Mountain View is buying two acres to use as a city park for $20 million and contributing another $23 million for use of the school’s recreation areas outside of school hours. The district also plans to sell 610,000 square feet of unused development rights to various developers for a total of $79.3 million.
The sale was originally slated to close Nov. 13. In October, the district delayed the purchase by three weeks to Dec. 4, citing the Mountain View City Council’s pending decision on the East Whisman Precise Plan. The plan covers an area on the eastern edge of Mountain View, where some of the transfer-of-development-rights buyers intend to build projects.
The council ended up adopting the East Whisman Precise Plan Nov. 5, and Kenyon said the district has not gotten the sense that any buyers are backing out because of the decision.