How long will the school district let this go on? Is the building for sale? Are they waiting until it is so far gone that the only option is demolition? Does a developer in cahoots with officials already have their eye on the land, but want it at a blighted bargain price?
The longer it sits, the cheaper it gets.
What if, instead, the city made this a small business incubator? For the first two or three years the lease would be paid for by elbow work, then once the business had a chance to start making money, the city could start charging a nominal rent, increasing it gradually until the tenents were paying market rate. In just a few years time, the building would be in better shape, and the city would have a number of new businesses.