The “Old High School” property, located at 300 S. 6th St. in Downtown Branson has an interested buyer.
According to the staff report provided by the city of Branson, the buyer, Prairie Fire Development Group LLC, wants to buy the property “as is” for $25,000 and create a 40 unit affordable housing development for individuals over 55 years old using MHDC tax credits.
In 2019, Prairie Fire Development Group LLC executed an option to purchase the property for $25,000 in an “as is” condition to build affordable housing, contingent on block grant funding opportunities after being the high bidder. The Option Agreement was terminated because funding was not awarded by the state of Missouri, according to the report.
“If you recall, last year this applicant came before the board with the same idea. They wanted an option agreement to purchase the old high school property,” said City Attorney Chris Lebeck.
“There’s actually two tracts, tract one and tract two. Track two is actually the building itself, and that’s what they’re interested in. They needed to secure the property for purposes of applying for tax credits and some block grant funding, that’s one of the requirements, they have to have the build site and they were going to put in affordable housing.”
Earlier this year, the city put the property out for bid and received no bids, according to the report.
“One question that I think came up earlier, was some concerns on whether this property was properly bid out,” said Lebeck. “This property was put out to a (request for proposal) earlier this year. Again, we had no bidders at that time, so we felt comfortable going forward since we did give people in the community an opportunity to bid on it, to proceed with this project.
“So, what this is, it’s an option agreement, if they do secure the proper funding, they have the right to purchase tract two for $25,000 “as is,” and that’s the key point. So, we’re making no representations to this buyer to the condition, the quality or anything, any surprises they may find there in the old high school building.”
In order for Prairie Fire Development Group LLC to be considered by the MHCD for tax credits, this bill must be passed so the applicant will have the required site control of the property prior to the application deadline.
According to the report, this agreement gives the developer the option to purchase the property if their tax credit, funding and financing stream is approved by the state of Missouri.
This item is tentatively scheduled for a final reading at the Oct. 27 regularly scheduled Board of Aldermen meeting.
Visit the ‘Agenda Center’ at bransonmo.gov for the complete agenda item.