Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Asset Sale topic
No spam. Unsubscribe anytime.
Tiverton committee approves resolution to authorize sale of collaborative property at 317 Market Street
Summary
The committee voted unanimously to approve a resolution required by Rhode Island law authorizing the sale of 317 Market Street in Warren (purchase price $3.2 million). The collaborative that owns the property is dissolving; proceeds after commission, mortgage payoffs and closing costs were estimated and an audit firm will oversee liquidation.
The Tiverton School Committee voted unanimously to approve a resolution authorizing the sale of 317 Market Street in Warren, a property held by a regional collaborative that the presenter said is being dissolved because it no longer meets student needs.
Speaker 4 told the committee the collaborative hired a real estate agent and received a purchase‑and‑sale agreement for $3,200,000. The presenter explained a Rhode Island statute requires school committees to vote to approve liquidation of a substantial collaborative asset; he said five of eight collaborative members had already approved the sale and asked Tiverton to confirm its approval. When asked, he estimated county‑level deductions: a 6% commission, payoff of mortgages (including about $450,000 remaining on one mortgage), and closing costs. He and Peter provided a rough estimate that Tiverton’s net share would be between $300,000 and $400,000, closer to $350,000 when accounting for those deductions.
The presenter said Jim Dutra and Associates, an accounting firm experienced with cooperative liquidations, has been retained to perform an audit and work with the Auditor General to ensure assets and proceeds are appropriately accounted for and publicly reported.
After questions about timing, lease buybacks and how sale proceeds were being considered in the current budget, a motion to approve the resolution pursuant to Rhode Island General Law 16‑3.1–10 was made and seconded and passed unanimously.
Committee members were told that the collaborative’s dissolution paperwork and audit would be made public when complete; the committee did not take any additional budgetary action at the meeting but was told the estimated proceeds were already factored into finance director planning for the current year’s budget.
The committee’s vote authorized the resolution; the sale and final distribution of proceeds will occur at closing and following the collaborative’s liquidation process and audit.
