Local News in Brief : No Action on School Sale

The Palos Verdes Peninsula school board, which plans to sell the closed Dapplegray Intermediate School to help overcome its annual deficits, has indicated its intention to enter into a development agreement that could lead to the construction of up to 61 residences on the 43-acre property in Rolling Hills Estates.

However, at a special meeting on Thursday, the trustees decided not to take any further action on the proposed pact with the city, pending further negotiations aimed at boosting the Dapplegray sale price by at least $1 million.

District business manager David Capelouto said the board balked at terms that allow the city to choose its nine-acre portion of the land after a developer takes on the project. He said the city should specify which area it wants for parks and recreation at the outset so that the value of the remaining land can be better determined by bidders.

With the guesswork removed, developers may be willing to offer at least $6 million, he said. The last available estimate, based on building about 20 fewer homes, was $5 million.

The city is asking for nine acres free in return for rezoning the rest of the tract for residences.

Capelouto said the board also wants the right to terminate any agreement with the city until escrow with the developer closes, in case the successful bidder later backs out of the deal and leaves the district with an unworkable agreement. The current version could not be canceled or modified except by mutual consent.

He said a revised agreement is not likely to get back to the board until its Jan. 25 meeting at the earliest.