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Galesburg School District to Finalize Building Purchase
The Galesburg School District will be the owner of a former grocery property near one of its schools sometime in the next month.

That's according to District-205 Assistant Superintendent for Finance and Operations Guy Cahill, after the school board Monday voted to work with a group led by Galesburg's F&M Bank to issue lease certificates for the purchase of the former Giant Foods store at Seminary and Fremont Streets.

Cahill says the district is issuing the lease certificates, instead of simply purchasing the building now, for a couple of reasons.

"The most significant of which is that the board may choose at some time, either now or in the future, to utilize this space for classroom purposes," Cahill said. "In order to effectuate that, it would necessitate the lease-purchase under ths statutes of Illinois for the acquisition of property."

The Galesburg School Board's buildings committee is expected to discuss what the district wants to do with the former store before it makes any firm plans.

But Cahill says the lease-purchase plan also allows the distirct to, if it wants to, effectively pay off the lease certificates early should funds be reallocated.

The district is paying $200,000 for the building, with the remaining asking price being absorbed by its most previous owner, the parent company of Galesburg Cottage Hospital, who used it as the site of Midwest Regional Home Care before it moved to Henderson Street.
12 17 09 by Newsroom
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