If approved, the former Banks Elementary School will switch from educating students to housing the elderly.
Ward 5 City Councilor Gary J. Marchese, said the South Street school was declared surplus by the School Committee in October 2005.
"It's vacant. It's in the hands of the city," he said. "Since (declaring the building surplus) we've debated the use of the school quite vigorously."
The City Council last year approved Mayor Jeannette McCarthy's request for $200,000 to fund renovation designs to turn the school into affordable elderly housing. McCarthy had previously submitted a request for $2 million to use money from the city's existing affordable housing fund to pay for the renovations.
Marchese said recently there's been a "flurry of activity and debate" concerning the building. He said throughout the summer he and other city officials, including Ward 2 City Councilor Ed Tarallo and McCarthy, have met with trustees from the Waltham Municipal Affordable Housing Trust Fund.
The City Council adopted the Waltham Municipal Affordable Housing Trust Fund about four months ago, Marchese said. The said the council also passed a law that empowered trustees to control certain properties that they would eventually be responsible for at a later time.
"We're in the process of meeting one more time in early September to finalize a (Request for Proposal) that will be submitted to the City Council," he said.
Last year's attempt to lease the building for affordable housing or services for the developmentally disabled did not pan out, Marchese said. There were no viable bidders and councilors were sent back to square one. Marchese said this will be the council's second attempt at creating a Request for Proposal for the property.
Marchese said he's optimistic that with the new proposal, the council will receive viable offers from potential developers interested in the former school building.
Marchese said city officials are still in discussion about the future of the property and the issue will be addressed on Sept. 2 at the next Waltham Municipal Affordable Housing Trust Fund meeting.
"At that time there's a good possibility that the trustees will finalize the (Request for Proposal) for the Banks School, which will be submitted to the City Council for action," he said.
The meeting, which is open to the public, will take place at the Committee Room in Waltham City Hall on Sept. 2, at 5 p.m.
"We're anxious to get the Banks School back online. It will never be a school again but it will bring it back to viability. It's been two years," Marchese said.
Jeff Gilbride can be reached at 781-398-8005 or at jgilbrid@cnc.com
