Rochester, MN (KROC AM News) - The Rochester School District has found a buyer for the former Golden Hill School building.

The building is located along 3rd Avenue SE near the south Walmart store. The district put the property on the market last year after relocating the Alternative Learning Center to the former Market Square site along South Broadway.

The School Board Tuedsay night approved an offer from Ryan Companies for $1.8 million, which was the amount the district was seeking. The deal is expected to close by the end of February.

Under state law, the District is required to use the proceeds to cover the cost of the cleanup of polychlorinated biphenyls, for capital expenditures to improve other buildings, or to replace the building or property sold. Any proceeds remaining after satisfying these requirements must be deposited in the debt services fund to go toward the retirement of other outstanding bonded debt.

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