Update on Friends purchase of Rockford
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As you know, a number of us have been attending meetings with the Building
Committee from the Friends about their interest in purchasing Rockford.
They held a meeting on August 5 that I was able to attend. Here are my
notes from that meeting.
The Building Committee has been gathering information on the building from
The building is currently separately metered for water/sewer and gas, but
NOT for electric.
The Village DOES own the piece on President Street all the way to the Union
Building. It had been thought that the Village had vacated that portion of
President Street, but that does not seem to be the case.
The Friends believe that the University has breached the terms of the lease
because they are no longer supplying heat. This was one of the terms of the
In order to supply heat to the building, the Friends will be installing
baseboard electrical heat. They have contacted Larry Electric about this.
The Committee will propose to the Friends Business Meeting that this be
carried out immediately, so that there will be heat this winter. This
system would be compatible with geothermal if that becomes a possibility.
The Building Committee will also propose to Friends Business Meeting that
they seriously consider purchasing the building. There are numerous pros
and cons that are already under discussion.
I indicated that we continue to be interested in partnering with them in
whatever they ultimately decide, without committing ourselves to any one
approach. They talked a bit about what it might cost to purchase the
building: $300,000 minus what is owed to them from the breaking of the
lease (could be $75,000) and minus the capital improvements they have
already put in ($166,155).
Current operating costs for the building (heat, water/sewer, estimate of
electric) are $8,000/year.
They will continue to include us in future meetings and discussions.