School Board approves sale of Petersburg property

An agreement for sale of the Boone Central Public Schools property in Petersburg was approved by the school board Monday night, Oct. 11.
However, the buyer is remaining confidential and will not be announced at present.
The sale will include all current Boone Central property in Petersburg, which is nine lots in the Peters First Addition to Petersburg.
The sale price is listed at $30,000, with 10 percent payable as earnest money and the balance paid upon closing. The closing date has not yet been determined, but will take place at a mutually agreed date and place, after demolition of the three-story classroom building on the site.
Although the buyer is not listed, a portion of the agreement indicates the buyer is a “political subdivision” with the power to execute the agreement.
Provisions of the agreement require Boone Central Schools to be responsible for any asbestos abatement in the three-story brick building. The school district is also responsible for contracting a company to demolish the three story building.
No current cost estimates were available, but demolition cost had been previously estimated at $94,000.
Once demolition is completed, the buyer will be responsible for sealing or closing the openings in the “building envelope” created by the demolition. After closing, the buyer will also be responsible for clean-up, remediation or removal of any hazardous substances.
A six-page attachment to the agreement lists many items that will be transferred to the buyer along with the buildings. These include bleachers, scoreboard, sound system, stage curtains, volleyball net and standards, some equipment and a variety of class composite photos, plaques, banners and more.
Under the agreement, the buyer will also take necessary steps to develop portions of the property for residential purposes after taking possession.
The school board adopted a resolution authorizing Tim Stopak, board president, to sign the sale agreement.
Complete story in the Oct. 13 Albion News/Boone County Tribune and Petersburg Press.