DPSCD Finance Committee Meeting
Detroit Public Schools Community District
Thursday, Nov. 10, 2022
11:00 a.m. — 1:00 p.m. EST
Remote
Join meeting: https://us02web.zoom.us/j/82002207102
Check the source website for additional information
Reporting
Edited and summarized by the Detroit - MI Documenters Team
DPSCD was not able to move forward in selling Cooley High School after a long discussion about some of the board members' concerns.
DPSCD was not able to move forward in selling Cooley High School after a long discussion about some of the board members' concerns.
@media_outlier @BridgeDet313 @PlanetDetroit
@freep @wdet @Detour_Detroit @metrotimes
@chalkbeatDET @DetDocumenters
09:39 AM Nov 10, 2022 CST
Details on both options can be found on the school's website 👇
detroitk12.org/Page/9425#cale…
2. Mr. Waters encourages to go forward with sale of Cooley High School.
4. Worked with Life Remodeled, says they will do a good job with Cooley based on their success with Durfee.
detroit.chalkbeat.org/2022/10/25/234….
A: about $930k
Q: why are we selling at half the appraisal?
A: if we don't sell, we have to spend ~$300k/year to maintain or demo at $6m
Q: why wasn't this negotiated in sale?
A: appraisal came after bid https://t.co/NLC0HIrpYe
A: Life Remodeled has purchase cash on hand, Bridging the Gap will finance. Both will fundraise the ~$20m to rehab the space.
Q: have we considered option to own pending funds raised?
A: we don't have capacity to manage
A: for 10 years they have to maintain the original project scope.
Attachments
Agency Information
Detroit Public Schools Community District
Detroit Public Schools Community District (DPSCD) is Michigan’s largest public education system. It is governed by a locally-elected, seven-member board. The District’s mission is to provide every student with a beneficial and rightful educational experience, preparing students to be career and college ready, and qualified to compete in the global market. The District has 106 schools and educates 50,000 children.
Documents
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