Property Acquisition Tabled

The following minute order was tabled at last night’s Board meeting. What property, where and for what purpose?

Discussion and Possible Action on the Purchase of Realty

Presented to the ALAMO COLLEGES BOARD OF TRUSTEES on February 19, 2013.

MINUTE ORDER

“The Board of Trustees hereby authorizes the Chancellor or his designee to execute, deliver and close the real estate purchase agreement for the property discussed during Executive Session according to its terms.”

PURPOSE

To authorize the Chancellor or his designee to execute, deliver and close the the real estate purchase agreement for the property discussed during Executive Session pursuant to the terms and conditions under which it has been offered to the District as disclosed during such Executive Session.

BACKGROUND

The property, consisting of a parcel the purchase of which the District has been negotiating for some time, has been offered for substantially less than its appraised value.

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