The Shawnee Mission School District has agreed in principle to the sale of its warehouse facility at 14850 W 101st Terrace to Karbank Holdings for $2.75 million.
The board of education at its Monday meeting authorized the district administration to execute the sale of the property to Karbank.
Interim Superintendent Kenny Southwick told the board the administration believed Karbank’s offer represented a fair market value for the property. The district had an independent appraisal of the property conducted in February 2017, which put the value at around $2.3 million. The Johnson County Appraiser’s Office’s annual valuation of the property came in at $2.2 million in 2017 — but jumped 45.18 percent to $3.2 million this year.
Southwick told the board that despite the fact the county appraisal was above $3 million, they believed Karbank’s offer was reasonable.
“We still believe that the $2.75 [million] is a good market value for that building,” Southwick told the board. “In the market for where we are, we vetted it and we think it’s a fair market value for the building.”
The district will likely incur around $11,000 in costs for asbestos abatement and other work to prepare the building for the transition in ownership.
Proceeds from the sale of real estate are directed to the district’s capital outlay accounts and cannot be used on classroom expenditures.
The district purchased a 6.4 acre site in Merriam for $1.5 million in 2016 with plans to build a new facility there that would consolidate its warehouse operations.