Old Mandan Jr. High Sold for $1,000 | VideoJennifer Joas | 7/17/2012
The first offer was for $50,000, but it was contingent on the bidder receiving a grant and tax exemptions from the city. The second offer was for only $1,000 with no contingencies.
The school district decided to take the lower offer from an investment group named MJHS LLC. It`s made up of a number of individuals who plan to make the old junior high into a variety of housing options.
"Their projections, their cash flow analysis. After two years we will have collected more on property taxes than that $50,000. So it`s a little less upfront, but it`s more money over time we`re going to take in more money," said Mandan Superintendent Mike Bitz.
The school district is hoping to close on the deal in August. A special election is coming up in September to build another school in northwest Mandan.
The district is expecting 500 more students over the next five years. The bond needs 60 percent voter approval in order to pass.