The Austintown Board of Education voted Tuesday to approve the sale of the former AMS building at 5800 Mahoning Ave.
The approved resolution has the board entering into a real estate purchase agreement with LRC Development Company, LLC for a sum of $2.5 million. LRC is a developer who has a client interested in the property, but still has a few steps to take before the purchase can be closed.
According to Austintown Superintendent Vince Colaluca, LRC has to work with the township and county zoning to ensure its client can meet all the requirements to build on the property. If the requirements are met, the sale will be a go. If the requirements aren't met, LRC could back out of the deal.
"We're pretty confident it will all work out," Colaluca said.
If the deal does work out, money from the sale must be used only for permanent improvement. Colaluca said the law does not allow those funds to be used for salaries or operations of the district.
"It must be used for permanent improvements," Colaluca said. "We could use it for equipment and technology that will last at least five years, but it does not help us in the daily operations of the district."
He said the funds would also not be used for the new school construction. Those funds are already in place.