SD#10 gets new bid on Mary Innes School

 

It’s back, on the table.

The sale of the Mary Innes School returned to the realm of imminent possibility this week with a new offer delivered to the Board of Trustees of Dillon School District 10, which owns the downtown Dillon property.

An anonymous buyer put forth an offer of $100,000 on Monday through local real estate professional Chip Rule to buy the approximately 14,000-square foot Mary Innes building and the one acre of land it sits on.

“Is there a reason why we don’t know who the buyer is?” asked SD 10 Board Member Mike Telling.

“I have a duty of confidentiality not to disclose it publically until he is the legal owner of record,” answered Rule.

Rule told the SD 10 Board of Trustees at the special meeting it held Monday evening to hear the offer that as part of the proposed deal the buyer was requesting a 45-day due diligence period for general structure inspection.

“I don’t see it to be an issue, but I want him [the buyer] to have the opportunity to learn all the facts,” said Rule, who revealed that the buyer wanted to close by July 1.

The Board voted unanimously to table the offer until at least its next regular meeting, on May 12, so it could do some due diligence of its own.

“Since we represent the public, I would like to take some time to ask them how they feel about this deal,” said SD 10 Board Vice Chair Kathy Hilton.

“I’m reluctant to jump into a $100,000 deal without more information, particularly since we almost recently sold it for $300,000,” agreed Hilton’s fellow SD 10 Board Member Todd Rouse, referring to the offer for three times the current offer for the Mary Innes that fell apart last June.

A $300,000 purchase agreement reached in December 2012 between SD 10 and a potential buyer collapsed six months later after the bidder had completed a lengthy building inspection and fiscal analysis that concluded there was no way to turn a profit on the deal, due to the high costs associated with renovating the Mary Innes building, which was completed in the 1920s.

 

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