Wellsville BOE approves loan for stadium renovations
WELLSVILLE– In a special board of education meeting the Wellsville School Board approved a ground lease for the Nicholson Stadium Renovation. In the Friday morning meeting the board voted unanimously to approve the $1.5 million loan from Huntington Bank.
The renovation is capped at $1.9 million, and the board already has half a mill with another million coming in the near future. In a seven year agreement, the Wellsville School District will be paying $1.5 million with interest back. The lease contract also has a clause allowing the district to pay early without penalty. In the contract the school board agrees to lease school district owned land and facilities to Huntington Bank, receiving the land back after the lease has been paid off. The payments are due on September first for the next seven years. With the first payment of $500,000 due September 1, 2019, and payment of $500,000 for the second year, and payments worth $119,288 for the third, fourth, fifth, six and seventh year.
“Since this is a lease purchase, what we’re doing is leasing the rights of the stadium to the bank, so that they can loan us the money,” said Bob Barrett Wellsville School District Treasure. “So basically where leasing our own land to ourselves through the bank.”
Pre-construction has already begun for the Nicholson Stadium Renovation. Trees have been cut down and the fence, goal post and score board have been removed to make construction possible. The board expects construction will begin next week, and hopes the project will be done prior to Aug 23.
In other actions the board
— Approved a post-issuance compliance policy in connection with the issuance of tax-exempt and tax-preferred obligations by the school district. Barrett said “This is just standard procedure for the issuance of tax free debt for the banks, so with the changes of internal revenue codes, it’s to cover that, so that we get a better rate.”
— Wished Justin Wright good luck at the State Track Meet this weekend.
— Acknowledged the signs reading “a new tiger lives here” given to students entering kindergarten in the fall. These signs are designed to be displayed in the yards of students registered for kindergarten.
— Acknowledged the achievement of the class of 2019 with 60 percent of the recent graduates registered for higher education and training. Gary Althiser Wellsville School Board President said, “We don’t have many, if any, graduates from this class without plans for their futures, they were a group of motivated kids.”