The Ocean County, New Jersey, Board of County Commissioners has agreed to buy the Toms River Regional School District's three-story administrative building for $15.4 million.
The Star-Ledger reports that the sale of the 92,000-square-foot building, if it can be finalized, will help the school district resolve a $12.4 million budget deficit.
The deal hinges on Ocean County commissioners' approving an ordinance that provides funding for the purchase via the county's Capital Improvement Fund.
Ocean County Administrator Michael J. Fiure said the county's possible plans for the building could include providing a consolidated space for the county sheriff's office, which now operates out of multiple locations.
Schools Superintendent Michael Citta says the district had six buildings appraised and that the administrative building was valued at about $16 million. A building of the same size, if constructed today, would cost up to $60 million to build, Citta says.
Under the purchase agreement, the district would have the option to continue using the building until 2027.
However, the district's preschool program, which is housed on the first floor of the administrative building, would be relocated to North Dover Elementary School in the fall, Citta says.
