Loading ...
Sorry, an error occurred while loading the content.

Update on Friends purchase of Rockford

Expand Messages
  • Toni Dosik
    All, 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
    Message 1 of 1 , Aug 10, 2008
    View Source
    • 0 Attachment
      All,

      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 Village.

      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
      lease.

      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.

      Toni
    Your message has been successfully submitted and would be delivered to recipients shortly.