This blog originally founded by Blogger who holds a theological degree and a doctorate in Counseling Psychology. Taught Psychology for 32 years and is now Professor Emeritus. Is a board-certified psychologist and was awarded the Lifetime Achievement Award in his profession. Ministered as a chaplain, and pastored Baptist and Episcopal churches. Publications cover the integration of psychology and theology. Served in the Army, the Merchant Marines and the Peace Corps.

Monday, October 17, 2011

New Offer On The Old Watauga High School?

According to an on line post on the Watauga Democrat Web Site,  An offer of $20 Million Dollars has been received .

A quick check of the proposed agenda for tomorrows BOC meeting indicates that the offer will be formally presented to the Board Of County Commissioners at that meeting.




The Board of County Commissioners will meet Tuesday
for their regularly scheduled board  meeting. We should know more following that meeting - but - we should anticipate that the BOC will move to closed session and discuss this with the Board Attorney outside of the public forum. Nontheless the likelihood is that they will be moving toward a sale if the details can be worked out.

I base this on the fact that the BOC previously countered a couple of lower offers with a $20 Million counter proposal.



It would seem that this proposal is certainly a reasonable one. At the very least it puts a serious number forward for consideration.


2 comments:

NewGuy said...

The meeting is scheduled for 5PM in the commissioners board room.

The Agenda and meeting packet can be found here:

http://www.wataugacounty.org/main/App_Pages/Dept/BOC/Forms/PublicBoardPacket/101811BoardPacket.pdf

inquiring mind said...

Core Asset Group LLC has offered to pay $5 million per year over the next 4 years. This includes the earnest money. And, the real estate company that they are dealing with will get $1 million commission paid by the County. And, there is no mention of interest. However, there is a mention of donation back to ASU for university housing which spells - tax exemption like that of University Highlands.

And, the County is paying interest on the $25 million loan that is to be paid back with the sale of the old WHS property. The interest that has been paid on the $25 million note to-date is $3.5 million. And, after 4 more years the interest paid will be an additional $3 million for a total of $6.5 million in interest.

And, the BB&T loan doesn't allow for a prepayment without a penalty of 1% and the prepayment has to be for $25 million. So, $5 million a year will not even bring us close to the payoff until after the 4 years is up. And, then we would have to pay an additional $250,000.

And, the kicker is - the County had 3 offers of $30, $32 and $33 million and turned all 3 of them down. And, this was when the note didn't have a prepayment clause.

Who is to blame? The Board of Education who owned the school at the time the offers came in and Commissioner Deal who sat on the committee to find a buyer (he was quoted in the paper as saying that "they" decided not to sale the old WHS property until after the new school was completed.

And, the reason we were given was about as bogus they come: 1) they didn't want to pay a lease (they could have probably negotiated that down and the interest we were paying was equal to the lease payment so that was really a wash) and 2) they said that they would hold onto it for 4 more years and get more money according to their "advisers"???? (they were speculating with our taxpayer money despite the warning signs that said the real estate market was near collapse; in fact the federal reserve posted the impending news 8 months before the collapse; records show that at least 2 citizens had warned the county and the LGC about the impending situation).