…not $4 million.
In the previous post I made the mistake of misreading this story about the sale of Lincoln Park Middle School.
The sale of Woodland is a coup and, on reflection, not that big a surprise considering the breakneck pace of UMD’s growth. The sale of Lincoln for a single dollar (a quick glance at its headline as I dove into the story on the Woodland sale confused me into thinking thinking it was a 1 million deal 1) suggests that the $15 million Dr. Dixon planned to raise in the sale of old buildings is a pipe dream.
The story explains why so many of our soon to be abandoned schools are a burden. Buyers might want the land but not the facilities. Maintaining them until a sale will be a financial drag. Knocking them down will be expensive too. There’s a good reason that the District announced both sales simultaneously. Many readers like me will see the Woodland sale while the disappointing results of the Lincoln sale are overshadowed. Sherman Associates got a good deal and they’ve proven to be an important developer in Duluth. If anyone can turn a buck on Lincoln its Sherman.
There are 10 more properties for the District to sell. If they all go for a dollar each it won’t make much of a dent in Red Plan bond financing.
