Cary District 26 to Explore Options for Maplewood Property

The Maplewood property is still for sale, with the latest bid set at $2.2 million.

Steve Fields, coordinator of operations for Cary School District 26,  presented four options for Maplewood at the Aug. 8 finance committee.

Fields said the district could continue to wait for the, turn the sale of Maplewood over to a professional broker, re-bid the property at a lower price or negotiate with the on the property.

“I don’t believe the park district is a viable option,” board member Kevin Carrick said. “The property really has to go back into private hands, where we can have regular recurring tax levies from it.”  

Superintendent Brian Coleman said it's a struggle between getting a broker, who can market the property outside of what the district is doing and the bid price of the property.

Community member Scott Epstein suggested another option for the sale of Maplewood to the committee.

Epstein said the district could find a buyer that would pay off the debt service tied to Maplewood and if the property is not developed within a certain time, the property would default back into the district.

Under this option, Epstein said the district may have to "give up a few hundred thousand" but if the district's long-term goal is to collect taxes, this could be an option.

The district will continue discussion and make a decision on going with a broker and possibly setting a new price.