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GRPS votes to sell Frosty Boy property
Sold for $75K, bought for $250K in 2005
Updated: Monday, 21 Mar 2011, 7:47 PM EDT
Published : Monday, 21 Mar 2011, 7:47 PM EDT
GRAND RAPIDS, Mich. (WOOD) - The Grand Rapids school board voted 7-1 Monday night to sell the former "Frosty Boy" property on Plainfield Avenue NE near Creston High School and Palmer Elementary School.
The district is selling the property for $75,000 to Ray Hoebeke, who plans to fix up the property and lease it for commercial or office use, the GRPS facilities director told 24 Hour News 8.
Grand Rapids Public Schools purchased the site for $250,000 in 2005.
Current administrators said prior district leadership bought the property to serve as a construction site for renovations at Palmer. That school does not have a parking lot, and there was an interest in keeping construction equipment at a distance from classrooms. But "it never worked out that it became a viable site for the Palmer school operation," the district's current facilities director said.
A 2008 appraisal valued the property at $160,000 -- and its value is expected to be lower now, current administrators said. It's been on the market for two years with no offer until now, they said.
Board member Jon O'Connor was the lone vote against the sale. He said the board should have a more thorough discussion about taking a 70% loss on the property. O'Connor asked to delay the vote, but did not succeed.
Backers of the sale said it would put the property to use -- instead of letting it stand vacant -- and put it back on the tax rolls.
Comment to 24 Hour News 8
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