Though Mayor Nutter recently announced a plan for selling off vacant school buildings, City Council came out with its own plan, one which would give the school district $50 million immediately. The plan would also involve community stakeholders in selling the buildings, but in a less structured way than Mayor Nutter's plan.
City Council would authorize the Philadelphia Authority for Industrial Development to cut the school district a check for $50 million, following the transfer of the properties to PAID. PAID would then begin selling the properties, and would keep profits up to $50 million. After reaching $50 million, PAID would turn over all additional profits to the school district. The school district would also be able to request that PAID return unsold school buildings after the $50 million mark.
City Council says that eight schools are currently the subjects of "active expressions of interest," and that their combined assessed value is $108 million.
· City Council Has its Own Plans for Selling Vacant Schools [Plan Philly]