The School Reform Commission on Thursday signed off on sales
of eight closed buildings - properties that will net the cash-poor Philadelphia
School District less than $30 million.
Douglas High School in Port Richmond will be sold to
Maritime Academy Charter School for $2.1 million. Shaw Middle School in
Southwest Philadelphia will go to Mastery Charter for $2.7 million.
Alexander Wilson Elementary in Southwest Philadelphia will
be bought by Orens Bros. Real Estate Inc. for $4.6 million. The tract will
become residential and retail space.
Harrison Elementary in North Philadelphia will sell to
Independence Mission Schools for $1.4 million. Childs Elementary in Point
Breeze will be purchased by Metal Ventures Inc. for $1.2 million.
The most valuable properties - the University City, Drew
Elementary, and Walnut Center buildings in West Philadelphia - will be bought
by Drexel University Development for $25.1 million. Those sites are to be used
for residential, retail, educational, lab, and office space.
The sales will gross over $37 million, but fees will cut
into the district's profit.
District officials are banking on $61 million in building
sales by June 30; if further deals are not closed by then, the city has
promised to cover any shortfall. It is not clear how the city would come up
with the money.
At Thursday night's meeting, the SRC also signed off on a
contract with its principals' union.
The deal cuts salaries about 16 percent and shifts
principals from year-round to 10-month employees.
Principals also agreed to begin paying toward the cost of
their health benefits, and signed off on the district using factors other than
seniority in layoffs.
Officials said the deal will save the district $20 million
over the life of the three-year contract.
Source: Philly.com
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