The real estate market is so hot these days that public agencies are getting involved in buying property in hopes of a significant financial benefit.
At Thursday’s meeting of the Westminster School District Board of Trustees, purchase and sale agreements for two properties for investment will be considered.
The WSD has entered into an agreement with a developer for the former Franklin Elementary School site at 14422 Hammon Lane in exchange for “Exchange Funds” which will allow the district to buy other real estates.
The properties being considered for a “long term financial benefit” (primarily lease revenue) are:
- 1824 Thurman Ave., Los Angeles;
- 1307 North Orange Ave., Los Angeles.
The board will meet via teleconference with a closed session at 6 p.m., and the open session at 7 p.m. The WSD is a public K-8 system serving most of Westminster and portions of adjacent communities.