After several years of heating and maintenance costs the Nettleton School suddenly has a couple of interested buyers. At our recent closed meeting to consider one offer I was sternly warned, by a board member who often sternly warns me, not to broadcast the potential buyer nibbling at Nettleton. Since then a second buyer, the Many Rivers Montesorri School, has come in with a much larger offer, $500,000, than they originally proffered for the school.
One question a fellow board member and I have been texting each other about is whether our Board will consider selling the building to whichever buyer has the biggest offer.
I just received an email from the Superintendent informing us that a letter-of-intent has been signed with another buyer apparently rendering the Many River’s offer null. It was also suggested that not accepting it would mean that we were not negotiating with the first party in good faith. (Gosh, WWTD What would Trump do?) As for bad faith —– Imagine a teacher accepting a job at one school only to decline the job after being offered a better contract at another school district. That’s something that happens all the time.
I’m not sure about the ethics of this. It also raises the question of whether the second offer by Many Rivers was made before the letter of intent was signed. If the second offer came in before the signing I rather think that the School Board should have been notified before any signing took place…….but I’ve not asked that question yet.
At our last closed meeting to consider a Nettleton sale all we had was a price and the name of a (still confidential) potential buyer. The Administration was improving on past practice by bringing a potential offer to us before they began negotiations with the potential purchaser. I suggested to my fellow board member that since it is the School Board that will OK the deal the letter of intent might be unenforceable until such time as we vote on going through with the sale.
This will give me something to research over the next couple days while I attend the Minnesota State School Board Conference in Minneapolis.