Our school district has been fighting over this same issue for the last several years -- we're at a stalemate.
We have 2 very small towns and one larger town that each has it's own gradeschool. Our superintendant and the school board members from the larger town want to build one large grade school in the larger town and bus the students from the two smaller towns. This is being marketed to voters as a cheaper alternative to remodeling all three current grade schools. However, the budget for building one large grade school does not include any associated cost for renovating and turning our current schools over to another purpose.
In the case of our small town, the grade school is one of only a handful of buildings in the center of town (well, a little village, really). The school is not zoned for commercial use, nor is there any consumer base to keep much of a commercial enterprise going. Tearing the school down would literally leave a gap in the town. Regardless of the school board's desires, our town needs to renovate the school. Many of the more necessary repairs are entirely due to the school board not performing maintenance all along.
The school board's plan to remodel/renovate the three existing grades schools has some major flaws, however, that make it unpalatable to voters. The board has done little to mitigate expenses in the projected budgets -- proposed changes seriously exceed the needs. Additionally, the school board has done very little to plan how they would implement remodeling ALL THREE grade schools at one time.
So far, we've voted a handful of times and I think we'll be voting again soon on this matter.
In all likelihood, my DD2.5 will be in middle school before any remodeling or building is approved, designed, funded, and built.