Caldwell trustees on Monday voted to sell the former Canyon Springs High School building to the owner of Franklin Sensors, a Meridian-based stud finder manufacturing company.
The board voted unanimously to enter an agreement for $2.6 million with David Dorrough, the company’s president, who will purchase the building through Meridian Research Park, another company he owns.
Upfront cash and a quick closure appealed to trustees.
“It was not just the fact that it was a cash sale that could move quickly,” said Caldwell trustee Sam Stone, an appraiser at the Idaho State Tax Commission. “But it also had the fewest contingencies of the offers.”
Real estate agents from TOK Commercial Real Estate on Monday shared their efforts to sell the building, including conducting seven property tours despite an initial struggle to get offers.
Canyon County considered purchasing the building but didn’t due to concerns about boiler repairs, said TOK real estate agents Sam McCaskill and Sean Edwards.
The boiler was a “hot topic” among potential buyers, McCaskill added.
Another bidder offered more than Dorrough’s agreed purchase price. Idaho AgriTech Academy offered to buy the property for $3 million. The academy is an agriculture-centered charter school that plans to open in Canyon County next year.
Despite the higher offer, AgriTech was unpopular with Caldwell trustees and administrators.
“This charter is not bringing anything unique to Canyon County,” said Superintendent Shalene French.
Real estate agents expressed caution about AgriTech’s offer, citing its leaders’ willingness to make an offer before seeing the property.
A $240,000 earnest money deposit from Dorrough within three days of purchase also appealed to trustees.
McCaskill warned the board against waiting to accept the offer, suggesting it would fuel a “blood in the water” situation that attracts low bids.
Selling the building removes some financial burden for Caldwell as trustees have scrutinized programs in an effort to reduce spending. A budget report presented Monday illustrated some of those struggles amid stagnant state funding and increased operational costs.
Meanwhile, staff cuts are still on the table. Opting not to refill 28 positions next year could save Caldwell $2 million, said Chief Financial Officer Zach Wagoner.
