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Vote on Madison Campus sale expected Tuesday
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Vote on Madison Campus sale expected Tuesday

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The Council Bluffs Community School District voted Tuesday, Sept. 28, to sell the Madison Campus property for $3 million to CP Holdings Inc. of Omaha.

The Council Bluffs Community School District Board of Education will vote Tuesday night on whether to sell the Madison Campus for $3 million.

The vote will come during the board’s regular business meeting, which starts at 6:30 p.m. at the Educational Service Center at the Omni Centre Business Park, 300 W. Broadway, Suite 1600.

The price being considered is almost $1 million less than the listing price of $3.9 million advertised by Heartland Properties, which has been marketing the property. The prospective buyer is CP Holdings Inc.

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During the board’s last meeting on Sept. 14, Heartland partners John Jerkovich and Jason James said they had received an offer on the Madison Campus but could not reveal the amount or the interested party.

District officials had discussed the possibilities of using the building to house Kanesville Alternative Learning Center, the Educational Service Center, meeting and training space and/or the district’s operations center and warehouse but had also mentioned several expenses that would be incurred, including renovation to repurpose it, maintenance, utilities and, within 10 years, the installation of a new roof and repair of pavement.

If the district sold the property, it could not pay off the general obligation bonds issued for the middle school and Madison Campus renovations until 2027 but could put the proceeds in a fund and draw interest, Chief Financial Officer Dean Wilson said at the Sept. 14 meeting. The district has not indicated whether any of the money would be used to reduce the levy, if the property were sold.

According to the agenda, proceeds would be deposited in the district’s physical plant and equipment levy fund, where it could be used for other facilities expenses.

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