Reports of Asa Wood Elementary School’s sale have been greatly exaggerated.

Superintendent Craig Barringer told members of the Libby School District Board on Feb. 10 that — despite rumors in the community — officials have not yet sold the defunct building.

“I’ve had several people come into the office and say, ‘we have sold the building,’” Barringer said during the board meeting. “We have not sold the building. We are still a long way from selling the building.”

Still, the board took another step toward unloading the property Feb. 10 by unanimously adopting a resolution to sell or dispose of the land.

The possibility of selling the former elementary school arose in the fall, when Libby City Council opted to partially fund a market study for an assisted living facility at the site. Officials with American Covenant Senior Housing Foundation had expressed interest in redeveloping the property.

City councilors put $2,375 from Libby’s economic development fund toward the study with the Kootenai River Development Council providing a matching contribution. American Covenant agreed to pay the remaining $4,750 plus travel expenses.

Released in the intervening months, the study found ample demand for an assisted living facility in Libby. Prepared by Novogradac and Co., the assessment predicted an increase in the local elderly population in the coming years.

Researchers assumed the redeveloped property would include 50 units, 30 studio apartments and 20 one-bedroom residences. Rent for the former would run between $3,450 and $3,500. For the latter, rent was estimated at between $4,300 and $4,450.

The analysis touted the proximity of the site to shopping centers and concluded the presence of an assisted living facility would improve the neighborhood. It also found only one potential competitor in the immediate market.

Libby Public Schools has since completed an assessment of the property, Barringer said earlier this week. The review was expected to cost the district about $9,000.

Barringer expected to join representatives of American Covenant for a comprehensive tour of the building Feb. 14. His hope is to convince them to buy the entire property rather than just parts of it, he told school board members.

If it were to open, the assisted living facility would bring between 12 and 14 jobs to the community, Barringer said.

He expects to know whether the sale will go ahead by mid-March.

“Right now, we kick a lot of our money into just keeping that building going,” Barringer said. “What we invest into it and what we get out of it is significantly different.”

Barringer also addressed concerns within the community, telling board members that officials are helping find new locations for the programs and groups that use the site. Space in another district building was found, for example, a dance group that calls Asa Wood home, he said.

District officials also are in talks with the food pantry, Barringer said.

Much of the facility, though, is used for storage. During a check of the building, district staff uncovered costumes left behind by a long since departed dance group, Barringer said.

“We might have a nice garage sale,” he said.