Transfer of property

A new park for the city and savings for the district will result from a transfer of property. The Lake Havasu Unified School District Governing Board is pleased to announce the transfer of deed agreement for Parcel Number 109-29-044, 301 Cypress Drive, between Lake Havasu Unified School District #1 and Lake Havasu City.

The district and the city have been involved in an Inter-Governmental Agreement (IGA) for the use of this property for several years. This property is not suited to a school site and has been developed by the city for recreational use that benefits all of the residents. The city has identified a need to develop and improve additional areas for permanent recreational usage and requires additional property to do so. This property transfer allows the city to further develop this property into a robust recreational facility. The District recognizes the ongoing benefit to students and the community by the future development of this property.

The City and the District obtained a qualified appraiser to appraise the property; it has been determined that the “as-is” simple market value is $830,000, and the current gross sales potential amount is $1,250,000. Therefore an amount of $1,000,000 to be paid by the City to the District has been determined to be a fair and equitable amount and will allow the transfer of the title deed for the property at 301 Cypress Drive to Lake Havasu City.

The proceeds will be used to pay off the loan agreement the District negotiated with Horizon Bank to construct the transportation facility, located at the district office site. This loan originally required payments over ten years. In paying this off, the District will save approximately $165,536 in interest over the next nine years and will retire that debt.

Diana M. Asseier