School Site Becomes City Property

August 12, 2011

On July 14 we signed the closing documents for the sale of our existing property to the City of Vernonia. The funds used to complete this transaction were the FEMA buy-out funds. To complete the transaction the district entered into an Inter-Governmental Agreement (IGA) with both the City and Columbia County. As part of this agreement we agreed to set aside $1.3M of the FEMA funds for the demolition of existing school buildings and $1M for the construction of the New Spencer Park on the existing school site, and we received the remainder ($8.6M) of those funds. When we get actual contracts for this the demolition and park construction (sometime early next year) any excess funds (from the $2.3M that has been set aside) will be released to the district.

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