Bellevue School District Proceeds With Somerset Property Sale To Support Financial Recovery -07/31/25
Bellevue, WA – The Bellevue School District (BSD) has entered into an agreement to sell its surplus Somerset property to Tri Pointe Homes Washington, Inc. for $30 million. Proceeds from the sale will accelerate the District’s financial recovery plan by helping restore the General Fund reserve to levels required by School Board policy.
Senate Bill 5412 was passed by the Washington State Legislature in January 2025. The new law, codified in RCW 28A.335.130, allows school districts under binding financial conditions to direct proceeds from a one-time property sale into their General Fund. BSD formally entered binding financial conditions with the Office of Superintendent of Public Instruction (OSPI) as of July 10, 2025.
“This sale represents a critical step forward in our commitment to responsible stewardship of district assets and long-term financial stability. Bellevue is a vibrant and high-performing district, and like many across Washington State, we are navigating financial challenges driven by enrollment shifts, state funding mechanisms, and rising operational costs. The proceeds from this sale will help restore our financial health and ensure we continue delivering the world-class educational experience our students and families expect and deserve. Our focus remains unwavering: to serve every student with excellence and care throughout our recovery and beyond.”-Dr. Heather Sánchez, Chief Operations Officer.
The 10.11-acre property, located in Bellevue (King County Parcel ID: 2224059024), had previously been declared surplus—indicating it was no longer needed for educational purposes. The sale follows all procedures required by RCW 28A.335.120, including board resolution, public notice, and compliance with transparency and public records requirements.
Superintendent Dr. Kelly Aramaki said, “Bellevue is on an accelerated path to financial recovery, in part thanks to our legislators who have given districts in binding conditions a tool like SB 5412 to speed up recovery. Restoring a 5% fund balance as required by policy would normally have taken 5-10 years to accomplish using funds that would otherwise be used for student supports. Instead, the sale of this surplus property itself will restore much of our fund balance which will cut the recovery time by half at least and will allow us to use all available funds to support the innovative programs and services for our students and community.”
The District will provide ongoing updates to the School Board and the community as the sale progresses. BSD remains committed to responsible financial planning and transparent communication.
Tri Pointe Homes will develop the property for residential use. Earnest money of $1.5 million will be secured through a promissory note and converted to non-refundable cash after feasibility approval. If necessary, the buyer may extend closing twice by paying additional non-refundable fees.
The Bellevue School District, with over 20,000 students and 28 schools, is a diverse and dynamic district in East King County, Washington. Its mission is "To serve each and every student academically, socially, and emotionally through a rigorous and relevant education that is innovative and individualized. As a learning community that values one another's humanity, we provide courageous support for an equitable and exceptional education for all students."
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