The Andover Unified School District 385 Board of Education has approved a reverse-mortgage lease-purchase arrangement with the Charles Malcom family to acquire the site where the district office sits over the next 12 years.
The parcel at 1432 N. Andover Road lies between the Kansas Turnpike and Waggoner Street. The district has been leasing the former bank facility for the past 10 years.
Overall cost will reportedly be $420,000 over 143 months.
When paperwork is complete on this deal, the district will be exempt from annual property taxes ($16,000) it had been paying under the previous arrangement.
In another action during a special Tuesday night Board session, two bond refinancing proposals were approved to save the district around $223,000 in interest over the life of 1999 and 2001 bond issues.
Tuesday’s meeting concluded with executive sessions to talk about non-elected personnel and professional staff negotiations.
The Andover School Board will be meeting in regular session next Monday night.
Augusta, Kan. —
