$3.5 million CPS auction bids to help complete building plans
Cincinnati Public Schools received more than $3.5 million in bids for property during a three-day public auction that closed last week.
“There was great interest by a variety of buyers, both locally and from beyond our area,” said Cincinnati Board of Education President Eve Bolton. “It appears that we met our goal of generating sufficient revenue to meet the property sales target we set to complete our Facilities Master Plan on budget.”
The 17 pieces of property placed on auction – 13 former schools and four land parcels – is no longer needed by the district. Proceeds will be used to complete the district’s $1.15 bil lion Facilities Master Plan, now in its final segment with eight projects remaining.
Bids were received on all but two former school buildings and three parcels of land.
The bids are subject to a 30- day negotiated closing process with the prospective buyers and board action before they become finalized. Names of the prospective buyers and the specific amount bid for each project will not be released until closing is final.
Bolton noted that the benefits of the sales extend beyond the revenue they will generate for the district’s facilities plan.
“The district gains by avoiding maintenance costs on property we no longer need, and the community gains through economic redevelopment of vacant property,” she said.