MPCSD approves $1.25 million IW purchase agreements

MT. PLEASANT — The Mt. Pleasant Community School District Board approved two purchase agreements for Iowa Wesleyan Property at their regular meeting Monday evening.

With a unanimous vote from the board, MPCSD agreed to purchasing a three-parcel lot making up the IW practice fields and a five-parcel lot consisting of the majority of IW’s central campus.

The purchase agreement for the practice fields lists the agreed purchase price as $115,000.

One citizen at the school board meeting expressed concerns about this purchase as he asked, “Is this a competitive price?” and “How will this impact our taxes?”

“This won’t impact your taxes because we have cash in the bank to purchase this,” School Board President Jennifer Crull responded.

“Have we done our due diligence to make sure this is a competitive price?” the same attendee asked.

“We have not done an appraisal on that property,” Superintendent John Henriksen answered.

Henriksen elaborated that the purchase price is not the asking price, but the offered purchase price from the district.

Closing for this first purchase agreement should occur 30 days after a title review and signing the agreement.

The central campus purchase agreement price came in at $1.135 million to include “everything in the Central block of Iowa Wesleyan to include the Howe Activity Center, the Howe Student Union, the P.E.O building, the chapel, Old Main, and Pioneer Hall and the parking lot south of the activity center,” Henriksen stated.

When the board initially discussed their purchase proposals, there was concern about Pearl Street running through campus on maps, though the street no longer physically exists.

According to Henriksen, following a conversation with city officials, he was informed that the council would agree to vacate that Street.

In addition, the purchase agree includes a list of items the district would like to see retained such as the scoreboards and floor covering systems in the gymnasium, lockers, locker room seating, sound boards and lighting in the chapel along with the grand piano,

Another question which arose while the board put together a purchase agreement proposal for central campus included the length of due diligence.

Originally, the district asked for 120 days of due diligence, however, the IW board sought a shorter period of time.

In this purchase agreement approved by the board Monday, Aug. 14, the agreed upon due diligence ended up as 60 days with an option for the district to request an additional 30 days in writing, if needed.

According to Henriksen, Carl A. Nelson Construction has created various teams to head up the due diligence.

With the new due diligence, Henriksen estimates the district will take possession of the central campus property November 1.

When asked about the intended use for central campus, Crull said the board is “looking at making one location for our elementary facility.”

One gentleman in attendance raised concerns about who might buy the dorms and other facilities near central campus.

“I'm just curious from a safety perspective,” he said.

“When we purchase it, it puts limitations on what those other properties can be used for,” Crull answered. “It might be more of a concern for other people wanting to purchase it.”

Comments: AnnaMarie.Ward@southeastiowaunion.com