Lynn council votes to keep O’Keefe School building

LYNN – The City Council’s Public Property Committee voted Tuesday to reject a buyer’s bid for the vacant O’Keefe School building and adjacent parking lot, choosing instead to hold onto the property with hope that the real estate market will rebound.The Lynn-based Hall Company was the sole bidder at $21,000. The committee last week tabled discussion of the sale while continuing to recognize the bid.Ward 3 Councilor Darren Cyr, the committee chairman, said Tuesday the councilors could not in good conscience sell the property for a fraction of its assessed value.According to Michael Donovan, director of the city’s Inspectional Services Department, the school building at 176 Franklin St. is assessed for $383,400 and the lot next to it for $46,800. Donovan said the building is in disrepair and water enters through the deteriorated brickwork. Restoring the structure for use as a school would cost an estimated $2 million, he said.”The property is assessed at close to $500,000 so we need a bid that is more of a compromise,” said Ward 2 Councilor William Trahant Jr. “That’s no reflection on the Hall Company because they are a very reputable local business.”Councilor-at-large Daniel Cahill said the city should hold onto the property and “put out some feelers” for potential buyers who might be willing to submit a higher bid. “We should reject the bid and put the building in mothballs for two or three years,” he said.The vote to reject the bid and keep the property was unanimous.