September 21-23, 2005
ITEM 128-2853-R0905 Authorization to Execute Purchase of Property from Great Falls School District; Montana State University-Great Falls College of Technology
THAT: The Board of Regents of the Montana University System authorize Montana State University-Great Falls College of Technology, following appropriate reviews and approvals, to execute the purchase of property adjacent to the campus contingent upon final appraisal.
EXPLANATION: The three adjacent parcels of property totaling 12.897 acres were part of the original 36.036-acre property owned by the Great Falls Public Schools when the vocational-technical center was part of the school district.
1. When the Montana University System assumed responsibility for postsecondary occupational education in the mid-1980s, the original piece of property was divided and 23.139 acres was dedicated to the College of Technology. The remaining 12.897 acres, which remained the property of the Great Falls School District, is the property proposed for purchase, restoring the size and configuration of the original property.
2. A review by the Cascade County Assessor’s office found no covenants on the purchase or use of this property by MSU – Great Falls College of Technology.
3. All adjacent property is privately owned and being developed, leaving the College of Technology land-locked with no other way to expand.
4. On June 13, 2005, trustees of the Great Falls School District voted unanimously to declare the three parcels surplus property with the intent that they be purchased by the MSU – Great Falls College of Technology. This declaration has now been made in compliance with the applicable notice provisions.
5. The appraised value is being established by a certified appraiser, engaged by both the Great Falls School District and MSU – Great Falls College of Technology.
6. To purchase the property, MSU – Great Falls College of Technology will seek an INTERCAP loan in the amount of the appraised value of the property and use student building fees to pay off the loan over a 5-year to10-year period.
7. This project requires authorization of the Board of Regents, both for the purchase itself and for the INTERCAP loan. Final purchase and loan document(s) will be executed by the College upon the review and approval by MSU and MUS Legal Counsel, the President of MSU, and the Commissioner of Higher Education.
ATTACHMENTS Plat of property
Copy of public notice of surplus property
Copy of appraisal [to be submitted at Board Meeting]