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The sale of Buffalo Elementary School to a Lexington company which renovates historic structures was approved Thursday at a special meeting of the LaRue County School Board.
AU Development LLC was the sole bidder and offered $60,000, the minimum price listed in the district's request for bids. The company plans to convert the structure into an elderly housing center.
The company stipulated that the purchase is pending on its successful acquisition of historic preservation grants. The school board added a requirement that the deed be transferred within 90 days, but board members agreed that extensions could be granted if the company is making progress toward completing the process.
AU has started the grant paperwork with the Kentucky Housing Corp.
The pending sale covers the school, gymnasium and the land. Superintendent Sam Sanders said the district will donate playground equipment as part of an in-kind donation toward government preservation grants that AU is pursuing.