Loveland, Ohio – After several unanimous votes, the Loveland City School District Board of Education made decisions to acquire 15.76 acres of land on US-48 near Founders Drive from the Cardinal Land Conservancy. The purchase price is approximately $1.5 million. This is land the Conservancy recently purchased from the Grail. ([EXCLUSIVE FIRST RELEASE] Grailville land acquisition grant awarded to Cardinal Land Conservancy)
In a news release issued by the District, Board President Jonathan Eilert said, “This property is a strategic investment in the future of the Loveland City School District. We feel the property will continue to grow in value, support the development of the Conservancy for the entire Loveland community, and provide unique opportunities for outdoor education for our students.”
In the same release, Andy Dickerson, Executive Director of Cardinal Land Conservancy is quoted as saying, “The sale of this property will provide the revenue needed for the Cardinal Land Conservancy to restore several buildings on the site for public and private use and open the property as a public nature preserve. We envision walking paths, learning gardens, and future partnerships with mental health service providers that will be great resources for local families and nature lovers. We have a proven track record of partnering with school districts on environmental education programs, and we believe this sale will be a win-win for the Conservancy, the school district, and the community.”
According to the District, “The property purchase will not impact the district’s operating budget and will not impact the property tax bills of Loveland City School District residents. The property will be purchased using financing that is supported by the district’s Permanent Improvement fund, which is earmarked specifically for ongoing improvement projects. Operating funds will not be used for the purchase. There will be no impact on funding for student-focused needs like staffing or classroom programming. The district will not be asking for any additional taxpayer funds for this purchase.”
The property will be purchased using “financing” and one vote that the Board made was to seek proposals for the lowest interest rate possible.
The District also said, “This property helps secure the future of Loveland City Schools. Purchasing it will allow us to begin a long, thoughtful conversation with our community about district facilities. Any building project would require public support through a ballot initiative.”
The Permanent Improvement tax is a continuing levy and has no expiration date.
View the Board meetings where the decisions were made.
March 5 Work Session
Discussion starts. (4:40 minute mark)
March 19 Business Meeting
Two residents speak to support the purchase (2:11 minute mark)
Superintendent speaks about and endorses the property purchase. (27:30 minute mark)
Treasure discusses the Permanent Improvement Fund and debt service of the land acquisition. (1:07:42)
Board goes into Executive Session with Andy Dickerson, Executive Director of Cardinal Land Conservancy to consider the purchase of the property (1:13:40)
Board comes out of Executive Session and votes on the purchase of the Conservancy land and financing the purchase. (2:13:10)
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RESOLUTION AUTHORIZING THE CONDITIONAL ACQUISITION AND PURCHASE OF REAL ESTATE PURSUANT TO A PURCHASE AGREEMENT AND AUTHORIZING OTHER MATTERS IN CONNECTION THEREWITH.
WHEREAS, this Board of Education (the “Board of Education”) of the Loveland City School District (the “District”) has identified an opportunity to purchase approximately 16-acres of real estate located on O’Bannonville Road currently owned by Cardinal Land Conservancy Inc. (the “Property”), which real estate, upon acquisition, is intended to be used for public educational purposes;
WHEREAS, this Board of Education is hereby authorized to negotiate and to execute an agreement (the “Purchase Agreement”) with the seller of the Property, which agreement shall set forth the terms and conditions of the purchase and sale of the Property subject to the fulfillment of certain conditions, including, without limitation, due diligence matters and the satisfaction of certain conditions precedent within the Purchase Agreement such as inspections, title matters, a satisfactory survey and appraisal, and obtaining financing enabling the District to purchase the Property (collectively, the “Conditions”);
WHEREAS, this Board of Education desires to proceed with the negotiation, and/or execution of the Purchase Agreement, and to undertake actions necessary to do so;
NOW, THEREFORE, BE IT RESOLVED by the Board of Education of the Loveland City School District, Counties of Hamilton, Clermont and Warren, Ohio, that:
- 1. This Board of Education hereby authorizes the Superintendent, the Treasurer, and the Supervisor of Buildings and Grounds, or their authorized designees (collectively, the “Authorized Representatives”), individually, or in any combination, to conduct reasonable due diligence with respect to the Property, to take reasonable actions in satisfaction of the Conditions and to negotiate the terms of a Purchase Agreement for the acquisition of the Property. In addition, the President of this Board of Education and/or any of the Authorized Representatives, individually or in any combination, are hereby authorized to execute the Purchase Agreement, either (a) upon satisfaction of the Conditions in anticipation of the execution of the Purchase Agreement or (b) as a prerequisite to conducting due diligence on the Property, providing the District with the ability to satisfy the Conditions in conjunction with the sale of the Property.
- 2. In conjunction with the execution of the Purchase Agreement, this Board of Education hereby approves the appropriation of the necessary funds in order to undertake commercially reasonable due diligence efforts to purchase the Property and related efforts in satisfaction of the Conditions. Upon execution of the Purchase Agreement and securing the acceptable financing for the acquisition of the Property, this Board of Education hereby authorizes the appropriation of the necessary funds for the purchase of the Property as provided for in the Purchase Agreement.
- 3. It is found and determined that all formal actions of this Board of Education concerning and relating to the adoption of this resolution were adopted in an open meeting of this Board of Education, and that all deliberations of this Board of Education and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements including Section 121.22 of the Ohio Revised Code.
- 4. This resolution shall be in full force and effect from and immediately upon its adoption.
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RESOLUTION AUTHORIZING THE SCHOOL DISTRICT TO OBTAIN FINANCING FOR THE ACQUISITION AND PURCHASE OF REAL ESTATE AND AUTHORIZING OTHER MATTERS IN CONNECTION THEREWITH.
WHEREAS, this Board of Education (the “Board of Education”) of the Loveland City School District (the “District”) has identified an opportunity to purchase approximately 16-acres of real estate located on O’Bannonville Road currently owned by Cardinal Land Conservancy Inc. (the “Property”), which real estate, upon acquisition, is intended to be used for public educational purposes;
WHEREAS, this Board of Education has entered into an agreement (the “Purchase Agreement”) with the seller of the Property, which agreement sets forth the terms and conditions of the purchase and sale of the Property subject to the fulfillment of certain conditions, including, without limitation, obtaining financing that is satisfactory to the District (the “Financing Condition”);
WHEREAS, this Board of Education desires to proceed with satisfying the Financing Condition set forth in the Purchase Agreement, and to undertake actions necessary to do so;
NOW, THEREFORE, BE IT RESOLVED by the Board of Education of the Loveland City School District, Counties of Hamilton, Clermont and Warren, Ohio, that:
- 1. This Board of Education hereby authorizes the Treasurer to take reasonable actions necessary to satisfy the Financing Condition and to secure financing for the payment of the acquisition of the Property, including, without limitation, the preparation and effectuation of requests for financing proposals, the negotiation of financing terms with an underwriter or solicitation agent, and to undertake other reasonable actions in connection with privately placed or publically offered bonds, notes, lease-purchase obligations, certificates of participation and/or other securities or obligations deemed most efficient and beneficial to the District. The Treasurer is further authorized to consult with the District’s municipal advisor and bond counsel in reviewing, analyzing and/or making determinations with respect to the structure, timing and terms of a proposed financing for the acquisition of the Property.
- 2. It is found and determined that all formal actions of this Board of Education concerning and relating to the adoption of this resolution were adopted in an open meeting of this Board of Education, and that all deliberations of this Board of Education and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements including Section 121.22 of the Ohio Revised Code.
- 3. This resolution shall be in full force and effect from and immediately upon its adoption.
