After attempts to negotiate with the property owner, a lengthy court battle and concerns from the State Controlling Board, Sinclair Community College has finally been able to purchase several properties along Bank Street.
The three properties are the last of a block of land along the west side of the Miami River that the college has been trying to put together so that it can expand, according to Madeline Iseli, vice-president of Advancement.
Former owner Donald Farra was paid $417,400 for the properties after the State Controlling Board approved the purchase on Feb. 28.
Sinclair was supposed to make the payment on Feb. 1, but the Board had raised concerns about colleges making real estate purchases with the current state the economy is in and the difficult budget environment, Iseli said.
“What we explained to the controlling board is that the payment for this property comes out of a special savings account that the board set up 30 years ago,” Iseli said. “Money is specifically put away for real estate purchases. It doesn’t come directly out of the state funding or the student tuition. We have no debt or deferred maintenance because of this savings account.”
The state is scrutinizing and asking extra questions to colleges about making purchases and Iseli said it is a legitimate question.
There are no set plans for the land as of yet and as of now it is being used to store landscaping materials, among other things.