The board will pay $74.5 million for the 29-story building, which is located at 333 S. Beaudry Ave. It also plans to sink an additional $60 million into the facility to reinforce the floor and make general improvements.

The purchase of the Downtown building remains imminent, despite the unfavorable report released two weeks ago by an internal auditor for the Los Angeles Unified School District. The report deems the facility structurally unsound, due largely to sagging floors. The news has caused concern among some of the board members, causing one to vote against the bond issuance and two abstentions. However, the issuance was approved with four favorable votes cast.