The Olentangy Local School District’s home at 7840 Graphics Way Drive will remain so for years to come as the district approved a real estate purchase agreement to buy the building during a board of education meeting held last week. The agreement with MCTR Properties will see the district acquire the building, which sits on nearly 4.5 acres, for $4,550,000.
Home to the district’s administrative offices, the building was previously leased by the district before the outright purchase. Olentangy Local Schools Superintendent Mark Raiff said the building will be purchased using the district’s bond proceeds.
The contract between the two parties was contingent upon the successful passage of OLSD’s combined levy and bond ballot issue in the primary election on or before May 31.
Representatives of Baker Tilly Municipal Advisors, LLC., part of OLSD’s bond counsel, were on hand for the meeting to discuss the current state of the bond market as OLSD will need to sell bonds to pay for the purchase of the administrative building, as well as to fund the construction of the new middle school and other projects.
The conversation centered around the trends of interest rates and when the district should sell, as well as how much it should sell.
“In summary … I think the overall opinion of the board (of education) is to take a look at the projects we need with (new) elementary one, and within the next six to nine months, what do we need to bid on and that should be the issuance,” Olentangy Treasurer Emily Hatfield said following the bond discussion. “In looking at that, that’s more in line with the $42 million issuance first and the $92 million issuance within the next year.”
Also approved during the May 26 meeting was the resurfacing of the tracks at Olentangy Liberty High School and Orange Middle School as part of the district’s typical improvement cycle.
The contract with Heiberger Paving, Inc. is for the amount of $270,680; $179,000 will be the cost for the Liberty track, and the Orange track will cost $91,860. Two bids were submitted for the combined projects, and Heiberger Paving’s submission was cheaper by nearly $10,000.