Philipsburg-Osceola OKs extension for school purchase

lfalce@centredaily.comJune 24, 2014 

In May, Philipsburg-Osceola held an auction, unloading two unused school buildings.

On July 3, one of those, the sale of the former junior high school, will go to closing. Gold Nugget Properties LLC, a Missouri company that specializes in matching former school facilities with developers for repurposing, acquired the 96,000-square foot building and its entire block of Philipsburg for $13,000.

The other building, the former Wallaceton-Boggs Elementary, is hitting a speed bump.

On Tuesday, solicitor Brian Marshall asked the board to agree to an extension of closing by 60 days for that property.

The owners of WPHB radio in Rush Township are the prospective buyers at a cost of $45,000.

However, the Wallaceton area land was off of the tax rolls for decades while it was under the school district's ownership. While investigating the future tax bills, they found that the annual cost was higher than anticipated. According to Superintendent Gregg Paladina, projections of the assessment put the annual bill close to the purchase price.

The closing extension was approved while the buyers look at how they will proceed.

Marshall said that additional extensions may be requested if necessary.

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