Philadelphia School System to Sell Millions Worth of Vacant Property
Mayor Nutter agreed Wednesday to a Philadelphia school funding plan that hinges on selling millions of dollars worth of empty school buildings, despite having expressed skepticism about the idea for months.
The School District plans to post its inventory of more than 30 shuttered buildings on its website next week and start seeking bids on the properties, Nutter said.
The district would have to sell $61 million worth of buildings by the end of the fiscal year in June. That would cover the $50 million the city promised the district at the beginning of the school year, as well as $11 million that the district had already budgeted from building sales.
In the meantime, the city plans to give the district $60 million that normally would have been sent in May or June from tax collections earmarked for the schools.