Plan to sell Oakland schools headquarters defeated

The San Francisco Chronicle reports:

The Oakland school board voted late Wednesday against a state-endorsed proposal to sell the school district headquarters to help pay back a $100 million debt to the state.

In the 6-1 advisory vote, the board opposed a preliminary deal between state officials and executives of an East Coast development company that wants to purchase the 9.5-acre property near Lake Merritt for $60 million and erect luxury condominiums.

The state took control of Oakland schools and stripped the board of its decision making powers in 2003, when the district overspent its budget by tens of millions of dollars. The state granted a $100 million loan and appointed an administrator to return the schools to academic and fiscal solvency.

State Superintendent Jack O'Connell, who has absolute authority over the ailing district, signed an agreement to enter into exclusive negotiations with the TerraMark/Urban America development team in June.

Since then, the proposal has pitted many locally elected city and school officials against the state.

Great moments in public education.