Warren Madden, Business and Finance, (515) 294-6162
W. Ray Richardson, Ames Community School District, (515) 239-3800
John McCarroll, University Relations, (515) 294-6137
ISU AND AMES SCHOOLS REACH LAND AGREEMENT
AMES, Iowa -- The Ames Community School District will pay $25,000 per acre for land in Ames owned by Iowa State University and the Iowa State Foundation.
According to an agreement signed July 6-7, the 122.75 acres will be sold for a total $3,068,750. The land is located north of Mortensen Road and west of State Street.
"Acquisition of the Iowa State site is a critically important decision for the Ames Community School District," said Superintendent Nick Johns. "To alleviate a serious facility problem at the secondary level, a significant land purchase was necessary. No other available property in Ames brought the attributes to the Ames Schools that this site does.
"We feel that the purchase of this property is a contributing factor in the development of our city, a good investment for the Ames taxpayers, and most importantly, a fundamental benefit to future generations of Ames students."
Warren Madden, Iowa State vice president for business and finance, expressed satisfaction with the agreement.
"Iowa State is pleased that the school district will be able to use this land to meet its building needs and that the agreement provides for sale of the land at fair market value," Madden said.
Sale of the land is subject to approval by the Board of Regents, State of Iowa and the Iowa Executive Council. Iowa State will ask the Board of Regents to approve the sale at their July 19-20 meeting.
The Iowa State Foundation owns 39.3 acres. Sale of that parcel is subject to the approval of the foundations board of directors, which meets later this week.
The agreement signed last week represented Iowa States counteroffer to the school districts bid at a public auction held June 30. At the auction, conducted by Rogers & Associates Inc., the school district bid $20,500 per acre. Iowa State rejected the bid because it did not match the appraised value.
The agreement requires full payment for the land by Nov. 30.
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