News Story
Title:	October 2, 2008, School Board Action
Release Date:	10/02/2008
Information Contact:	Fairfax County School Board
Author:	Fairfax County School Board
News Category:	School Board Action

News Content:

The following action was taken by the School Board at the October 2, 2008, regular meeting:

Reconsideration of Purchase and Sale Agreement for 8111 Gatehouse Road

The following Board motion passed unanimously:

1) to approve the acquisition of, and financing for, the Facility (the property located at 8111 Gatehouse Road, Falls Church, Virginia) for use as the second centralized administration facility for a purchase price not to exceed that stated in the Original PSA and consistent with the parameters discussed in closed session. The School Board hereby adopts the resolution attached hereto relating to the New Financing of the Facility, and

2) to authorize the Division Superintendent or the Chief Operating Officer, on behalf of the School Board, and with the advice and counsel of the School Board attorney to (i) negotiate, execute and deliver the New PSA in substantial conformity with the foregoing; (ii) negotiate, execute and deliver all documents and amendments related to, in connection with, or in furtherance of the transaction described herein; and (iii) upon approval by the Board of Supervisors of the New Financing, proceed with the transaction and complete the purchase and financing of the Facility.

3) If the Board of Supervisors declines to approve the New Financing during the New Due Diligence Period, if the transaction cannot be completed consistent with the parameters discussed by the School Board in closed session, or it is otherwise determined during the New Due Diligence Period that termination of the New PSA is in the best interest of the School Board, then the School Board hereby authorizes the Division Superintendent or the Chief Operating Officer, with the advice and counsel of the School Board attorney, (i) to terminate the New PSA, (ii) to recover the deposit and any other sums that may be due the School Board, and (iii) to notify the County of the foregoing and to cancel the New Financing.