Lowell hesitated to make a formal announcement about the purchase, saying the board is still awaiting a formal commitment letter from the bank. “It’s not a done deal,” he said.
The Board of Trustees is scheduled to discuss and formally approve the purchase of the building at its meeting today at 7 p.m. at the school.
“Formally, we’ve taken votes to keep pursuing this, but now we have to make the final decision,” Lowell said. “The technical vote will be to agree to lease the school from the foundation once they have purchased it. The foundation will have to take votes around the actual purchase of the facility.”
Ultimately, Lowell expects the deal will make good economic sense for River Valley.
“From the beginning, we’ve always had expenses related to building,” Lowell said. “Our expectation is that our cost of ownership is actually going to go down with the purchase.”
He is confident the property will serve the school well into the future.
“We have a very strong wait list and we’ve had two charter renewals, which means we will continue to have charter renewals and the school is going to exist for a long time,” he said.