LAKEWOOD, Ohio – The city plans to take ownership of the former McKinley Elementary School on West Clifton Boulevard by the end of October after City Council last night voted to purchase the land for $100.

The school board, in a separate and simultaneous meeting, also approved the sale.

The city plans to demolish the building early next year and begin searching for a developer to turn the property into housing. The city and schools will split the demolition costs, with the city paying two-thirds of the cost, and the schools will receive any profit from the transaction after the city recoups its money.

The city and schools are talking with the Cuyahoga County Land Bank, hoping to bring the nonprofit agency on board as partner, city Planning and Development Director Dru Siley said. If they sign on, each party would pay one-third the demolition costs.

The city hopes to begin demolition of the school building, part of which is more than 100 years old, in the first quarter of 2014, with a simultaneous effort beginning to find a residential developer interested in purchasing the land.

The city hopes to find a developer interested in building single-floor residences on the property.

“We know there is a demand in the community for this type of housing, and we don’t have any of it currently,” Siley said.

Once the property is developed, it would generate property tax revenue for both the city and the school district. A stipulation of the sales agreement requires no tax abatement for any housing built on the property.

City Councilwoman Mary Louise Madigan, who chairs council’s Finance Committee, said the city and schools partnering on the project makes sense because it would bring new housing options to the city and increase business vitality along the Detroit Avenue Corridor.

“The McKinley School site provides an opportunity for our built-out city to become home to new taxpayers,” Madigan said.

Lakewood school officials have said it makes sense for the city to undertake redevelopment of the property as it has officials with experience in the area, which the schools do not.

The school board voted 4-0 Monday to approve the sale of McKinley the city.

“It's been a yearlong process that we are glad to see come to this conclusion,” Superintendent Jeff Patterson said. “It is good for the community and good for our school district. Truly a win-win for everybody.”