By Brian Massie, A Watchman on the Wall, An Independent Populist
This is a follow-up to our article on the sale of the Holden Center to Signature Health published on November 28th. The appearance at the Commissioners’ meeting by the Lakeland President and Treasurer prompted us to ask for details of the sale.
Through our public records request we received the following information on the sale.
Mr. Massie:
I am writing in response to Public Records request of November 26, 2024. You requested a copy of the purchase agreement between Lakeland and Signature Health; and copies of all offers received by the College related to the Holden Center.
Lakeland received two offers related to the sale of Holden; I have attached both. The purchase agreement is not yet complete; it is still being developed by respective legal counsel of both organizations. However, it is generally consistent with Signature Health’s offer which is documented in their attached Letter of Intent. Please let me know if you have any questions.
David
| David Cummins Vice President for Administrative Services and College Treasurer (p)440.525.7255 dcummins1@lakelandcc.edu lakelandcc.edu |
Here are the details of the purchase by Signature Health:
- Purchase Price. The purchase price shall be Eight Million Dollars and 00/100 ($8,000,000.00), of which Signature Health shall pay Two Million Dollars and 00/100 ($2,000,000,00) as a down payment, less the Earnest Money provided for in Section 3 of this Letter of Intent.
- Earnest Money. Upon execution of the Contract by both parties, Purchaser shall deposit earnest money in the amount of Two Hundred Thousand Dollars and 00/100 ($200,000.00) (“Earnest Money”) in cash with Emerald Glen Title Agency (Willoughby Hills) in an interest-bearing account at an insured banking institution. The Earnest Money, together with all earnings on the escrowed funds, shall be applied against the cash due to Seller at closing.
A second offer was made by Cornerstone Christian Academy. This offer was rejected by the college.
Purchase Price:
$7,200,000.00 for land, buildings and contents, to be paid $6,000,000.00 at closing; $1,000,000.00 on or before May 31,2026; and $200,000.00 on or before May 31, 2027.
$ 840,000.00 over seven years ($120,000.00 per year) for access to
athletic facilities, fine arts center, college facilities (subject to college use), Police coverage (see below), snow removal and landscaping.
Security/Police Surveillance: monitor and secure the building when closed (i.e. 6:00 p.m. until 6:00 a.m. Monday through Friday and from Friday at 6:00 p.m. until Monday at 6:00 a.m. weekends)
LFC Editorial Comments by Brian Massie:
It is quite apparent that there is a demand for vocational training in Lake County. There is an obvious solution to the problem. Lakeland Community College had over 10,000 students in its heyday. They now have 4,400 and project to have 4,800 by 2027. Every time I have visited the facilities the excess space is readily apparent.
Auburn Career Center is the current public vocational school center for Lake County, but not all nine public school districts use Auburn. The Mentor, Wickliffe, and Willoughby-Eastlake Districts do not use Auburn for vocational training. We understand that there is a waiting list to get into Auburn, and there is a lottery system to determine who gets chosen to go to Auburn.
We request that the Lake County Commissioners review the possibilities of combining Auburn with Lakeland Community College. Lake County residents should not be expected to continue to pay property taxes ($20 million per year to Lakeland, and over $4 million to Auburn) without consolidation of facilities. Any future building expansion at Auburn should not take place when Lakeland has more space than they can use.
Can the elected officials and appointed board members at Auburn consider the financial interests of the Lake County citizens for once? The financial resources of the average citizens are being strained beyond belief, and they will start to be taxed out of their homes.
ANY TAX THAT CAUSES A CITIZEN TO BECOME HOMELESS IS IMMORAL!
Categories: Community Activism, Lake County Politics, Lakeland Community College