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Stark State College to Buy 0.1762 Acres for $63,000; Controlling Board Approves
Summary
Stark State College asked the Controlling Board to approve a $63,000 purchase of 0.1762 acres adjacent to existing campus property. College CFO said the figure was supported by a single appraisal; state rules require only one appraisal under $100,000.
The Ohio Controlling Board approved Stark State College’s request to purchase 0.1762 acres for $63,000 on May 5.
Kevin Gardner, chief financial officer and vice president of business for Stark State College, told the board the price was derived from an appraisal by Bauer Sours and a local broker-appraiser from Akron. Gardner said the property is “well worn,” lacks electric, and likely would require demolition of the existing structure to meet the college’s needs. He said the seller had earlier asked $120,000 but the college would not pay above the fair-market appraisal.
Senator Joe Chavez pressed on the per-acre cost, noting his calculation equated to roughly $357,000 per acre. Gardner confirmed the appraisal was the basis for the figure. Senator Wilkin asked whether there was only one appraisal; Gardner said Ohio Department of Administrative Services guidance requires a single appraisal when value is under $100,000, and the college had conducted one. The board approved item 16 with no recorded objections.
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