Just over halfway through the bidding period, the Monterey School Building has been generating some interest. The two-week auction on the property began on September 23.
Culver Schools Interim Superintendent Chuck Kitchell told the school board Monday that two bidders have expressed interest so far. “In fact, one of the people already upped their bid to be the high bidder,” he said. “So the process is taking shape. We notified the other individual that there was a bid that was higher than theirs. We’ll see if they counter with something higher in the next couple of days.”
Bidders have the chance to raise their bids until the auction period closes this Friday at 3 p.m. EDT. Kitchell added that he’s been working with school corporation attorney Jeff Houin about what would happen if a bidding war should break out as the auction period draws to a close. “At three o’clock, the bidding process ends, and then the board has an option to accept or deny all and any bids,” Kitchell explained. “And he said if it got down to the point where two people or more were really going at it, that the board may want to decide to not accept a last bid and then open it up as a very traditional auction and ask the two individuals to actually come back and then do a regular auction.”
Kitchell said the process is going well so far. “It’s really kind of exciting,” he said. “The people are actually coming into the building and taking bids and coming back in and handing us a proposal and going through the process. So it is working right now. I mean, the money isn’t – obviously the money’s not the main goal. Selling the building is the main goal. So the money’s not that high right now, but at least the process is working. So it’s kind of exciting.”
The former Monterey School is thought to be worth about $54,500, according to the average of the two appraisals the corporation received. But more important to the school corporation than the sale price is the potential savings on maintenance costs. Those are expected to add up to about $50,000 a year.
Prospective buyers may obtain a bid packet and view the appraisals on the corporation’s website or in person at the Culver Schools Administration Building.