Copy of Slideshow from Board Meeting
The Greeneview Local School District Board of Education approved Thursday night the sale of the district’s Cottonville Road Board Offices, a move that will generate permanent improvement money that the district can invest in facilities.
Kettering Health Network, currently a tenant in the Cottonville Road facility, has agreed to pay the district $600,000 for the facility, plus an additional $135,000 to assist with costs to relocate to the former board office space at 4 South Charleston Road.
Greeneview purchased the Cottonville Road property more than two years ago for $240,000, a savings of more than $400,000 compared to the Greene County Auditor’s assessment of $650,000 value. All purchase and renovation expenses were paid from permanent improvement funds, which can only be used for facilities and long-term equipment and repairs; no operating dollars from the general fund were used.
“When the opportunity to purchase a facility in a prime location for a significantly discounted price became available to the district in 2017, it was a good investment that would free up the South Charleston Road property for potential other uses to benefit our students,” said Superintendent Isaac Seevers. “We routinely evaluate every facet of our operations to make sure we are making the best decisions for our students and our community. The sale of this facility now will realize a return more than double our initial purchase and renovations costs and that money can be invested in the future of our schools.”
The district invested about $75,000 to prepare the building to accommodate the board office and host public meetings like Board of Education meetings. Part of the building was also leased to Kettering Health Network during this time. Lease payments to the district totaled $41,000. Kettering Health Network also invested about $390,000 into the building in renovations.
The Greeneview Board of Education did not receive any bids at an advertised public auction for the facility on October 28. Kettering Health Network has agreed to allow the district’s athletic programs to continue using practice fields on the property.
In addition to recouping the original purchase and renovation costs of $315,000, about $325,000 will be added to the district’s coffers. By Ohio law, the funds can only be used for permanent improvements.
“As a Board, we believe it is in the best interest of our district to move forward with this sale at this point in time to take advantage of the current value and market demand for medical office spaces in our community,” said Board Member Todd Ireland. “The revenue generated from this sale will be used to improve our educational facilities and extend the life of the school buildings serving our students.”
Decisions about how to use the permanent improvement money have not been made. The district anticipates relocating board offices to the South Charleston Road facility in early 2020 once renovations to that facility are complete.
District Investment in the Facility at 4800 Cottonville Rd.
+ $240,000 Purchase Price
+ $75,556 Renovations expenses, most labor performed by Greeneview employees
-$40,375 Lease Payments from Kettering
$275,181 Total Investment
Proceeds from the Facility Sale
+$600,000 Sale Price
+$135,000 Moving Expenses