If approved, the new three-year lease with one two-year renewal option would begin on July 1, 2014. The new proposed rate is $300,862, with a 3% increase each year. Over a five-year lease period, the district will receive over $1.5 million in rent.

Randy Trent, AAPS executive director of physical properties, recognized that the tenants have paid for renovations over the past 10 years, while the district pays for maintenance.

As a school building, Trent noted, the property was not very lucrative. When it was last assessed several years ago, it was appraised at $600,000 for the building and the 40 acres of land it sits on. However, if the area becomes more developed in the future, Trent said, it could be an important property for the district to own.

The board of education will be asked to approve the lease renewal after a second briefing at its next regular meeting.

This brief was filed the day following the April 24, 2013 AAPS board meeting. A more detailed report of the meeting will follow: [link]