Developer withdraws Libby school project proposal
'Official support for the project is lacking'
January 18, 2007
Spokane developer Conover Bond has withdrawn its proposal for the Historic Libby High School project.
In a letter to the Libby School Board, owners of the historic building, Conover's Ryan Romaneski and Sarah Hansen said the appraisal of the school indicated a value inconsistent with Conover Bonds pro forma for the project.
"We still believe the redevelopment of the historic high school is possible, and that given the right developer and the support of the community, this project can work," they said.
Romaneski and Hansen said in the letter, "While it is clear that many members of the community favor the rehabilitation of the building, official support for the project from the superintendent, city officials, and county government appears to be lacking."
"We encourage you to continue to involve the citizens of Libby as well as the greater Montana preservation community as you work towards a solution."
The appraisal, paid for by Conover Bond at a cost of $10-thousand dollars, appraised the historic high school building and property "as is" at $120-thousand dollars cash value. The estimated value of the rehabilitated building would be $1-point-3 million. The appraised value of the property is estimated at $240-thousand dollars.
That's not the end of the story. The Friends of the Historic Libby High School have the interest of a developer from the Kalispell area, The Flathead Financial Group, who has presented the school board with a letter of intent to purchase, and rehab the building.
In the letter, President and CEO, Bryan Scott, said, "We would attempt to have the building purchased within the next month or two and then would start planning and construction this summer. We are glad to tell you that we think the building will make a nice professional office building for Libby businesses and professionals. We will also be attempting to find businesses from outside the local Libby economy to use the space, possibly providing more jobs to Libby residents."
The school board will meet with Bryan Scott before the end of the month.
Story by KLCB News Radio, www.bestcountryaround.com
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