LYNN – The City Council’s Public Property Committee on Tuesday put the brakes on a move to sell the vacant O’Keefe school building at 176 Franklin St. to the lowest bidder.Rather than approve the only bid submitted – the Hall Company for $21,000 – the committee voted to table the matter in order to give the bidder additional time to draft a more definitive plan for the two-story red brick building and adjacent parking lot.Before voting, the committee heard from Michael Donovan, director of the city’s Inspectional Services Department, who explained it would cost $2 million to restore the O’Keefe building to its original use as a neighborhood school.”When it rains, the water comes through the walls,” he said. “The brick needs pointing up.”According to Donovan, the O’Keefe was among several city schools included in an assessment made to determine whether the buildings should be rehabilitated or sold. When the decision was made to sell the property, the city solicited proposals for possible uses but set no minimum price.”It makes sense to tear it down,” said Ward 3 Councilor Darren Cyr after learning the estimated cost of restoration.Cyr said that while the Hall Company is a reputable business, he felt uncomfortable selling the building for $21,000. Gordon Hall cited the sagging real estate market and agreed that “taking it down might make sense.”The school, formerly known as the O’Keefe Community Day School and later as the city’s Welcoming Alternative School for elementary grade students, has been vacant for two years. The committee voted to hold Hall’s bid as part of tabling further action.