With very little discussion, Farmington Public Schools officials on Tuesday agreed to lower the purchase price for the Maxfield Training Center, located in downtown Farmington.
AC Acquisitions, the property’s new owner, asked for a $200,000 reduction – from $1.2 million to $1 million – after downsizing its initial plan for 150 luxury rentals to 60 multi-story, owner-occupied condominiums. The request was made due to the reduction in density and lower return on investment, school officials said.
Trustee Terry Johnson, who objected to the move in previous discussions, cast the lone vote opposing the lower price.
The revised plans will go through another public review process through the Farmington Planning Commission.