Business
Update: CWI To Get Appraisal
May 8, 2015 
In an unscheduled executive meeting Friday, CWI trustees decided that an appraisal was a good idea after all. They still adamantly stand by their original land deal, however.
Here is the complete news release from the CWI Board of Trustees:
CWI will Commission Appraisal on Rice Property
MEDIA ADVISORY – The College of Western Idaho (CWI) Board of Trustees met today (May 8) to address concerns about why CWI did not get an appraisal before entering into an agreement on the property at 3150 W. Main Street in Boise. The Board decided to move forward with an appraisal.
Mary Niland, CWI Board Chair, stated: “Many appraisals are conducted after the agreement is initially signed as part of the purchase process. Our decision to commission an appraisal now, as part of the due diligence period, is consistent with this common approach. We believe the value we have established under the Agreement will stand up as a fair price. Over the past three years we’ve completed an exhaustive search and compared locations, size, access and cost of land in the Boise area. The property at Main and Whitewater Park Blvd. appears to be the best long-term investment specific to serving our students.”
Under the agreement signed by the Rice Family and CWI on April 23, 2015, CWI has 180 days to complete due diligence on the property and can terminate for any reason during the 180-day examination period. In addition, under the agreement CWI can commission surveys, tests, audits, and other reports it deems necessary.
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Comments & Discussion
Comments are closed for this post.
May 8, 2015, 9:55 pm
It is my most profound hope that CWI Trustees realize that their actions regarding this land deal, runs a great risk of shooting themselves in the foot when seeking their bond approval. I certainly want to hear a lot more plain speaking from them before I cast my vote; and, if I don’t that vote will be my first ever no vote on an issue of education/school funding.
May 9, 2015, 8:52 am
Wasn’t Mary Niland quoted when this mess first popped up that they didn’t even think about getting an appraisal? Today, her release made it sound like they were totally on top of things and that an appraisal would have naturally been done as part of the purchase process.
Then, to make the comment that they believe the original offer will be validated by the appraisal, is just incredible. They will end up buying appraisal after appraisal after appraisal until they get one that comes close to the 8.8. Where did the 8.8 come from, anyway? Was that Rice’s asking price, and CWI just said, “SURE sounds good to us?”
At this point, the best thing that Niland and CWI can, and should, say is, “you know what, we’re new to this process and we goofed up, so we’re starting over”, instead of puffing that they were right in the fist place. If they don’t come clean, then perhaps we should de-fund CWI, let them go private and see how long they last.
May 9, 2015, 11:23 am
Just think this is the same board that ultimately we as taxpayers rely upon to entrust our children’s education to.
Maybe they ought to offer classes on dealing with developers and other shady, questionable deals. Why not keep future generations well educated on backhanding, etc. I think they already do this under the guise of Political Science, I could be slightly wrong though.
A common campus and not spread out may become the only answer.
May 9, 2015, 4:26 pm
I hate to point this out, but the president of CWI has created a (DELETED REF) culture that lives in a fantasy land where there are no consequences, no one is supposed to ask any hard questions. I believe that is why we are witnessing such arrogant ignorance.
May 9, 2015, 5:40 pm
They still don’t get it.
May 9, 2015, 10:48 pm
From one who has attended several schools… An institution which is spread out all over town is a total failure for the student and the institution… very very inefficient. Just ask any large school district. Seems that school has nothing to do with students these days, so not surprised.
May 10, 2015, 7:09 am
This is a terrible location for a college. Sure it’s lovely and I’m sure the administrators would love having river views. But as a taxpayer, I would much prefer this land be used for something that would pay it’s own way through taxation. This area is too valuable to put a tax free set of buildings on it.
Yes, yes, it’s urban renewal and those taxes wouldn’t arise for 15-20 years. However, someday they will if the land is developed appropriately. If CWI builds there, it never will be on the tax rolls. CWI should build out in Nampa. If CWI goes through with this lame idea, particularly paying this much money for the land, I’ll never vote for a bond. And if others think as I do, that land will be fallow AND off the tax rolls, forever.
May 10, 2015, 5:45 pm
Agree with Bieter Begone. For the proposed project, they will need a large multi-story parking garage. Land is too expensive for classroom parking. I’m sure they haven’t researched the water table. To support a large multi-story building, it will be very expensive for the foundation and most likely pilings to support the structures.
Another issue, the site is effectively landlocked, therefore future expansion is very limited.
It may be a good idea to have a Boise campus, but not at this location.
May 11, 2015, 1:42 pm
1) I am glad they are getting an appraisal and should CWI complete the purchase I hope it is at appraised value.
2) I am bit discouraged by the condescending tone of the CWI media release. After admitting this was a mistake and holding an emergency Trustee meeting to set it right, their media release tries to make us believe this is just a normal part of the process and a consistent approach to acquiring property. A lecture on real estate best practices from people who obviously know nothing about it. In actuality the best practice is when the purchase agreement is in advance of the appraisal, the purchase agreement is subject to an appraisal at or below the purchase price.
I would have gained more respect for CWI Trustees and Administrators had they continued the proper tone that this was a mistake, they apologize, and to set it right they will now get an appraisal and consider the real value of the property before they complete the purchase.
That may have won my vote for their bond election, as opposed to their new spin that what they are doing is normal.
May 11, 2015, 3:41 pm
When a property is bought for 5 million taxpayer dollars over value, lots of pockets are being stuffed.
I challenge the CWI board to ask The Ada County Assessor to choose three appraisers to provide appraisals for this land.
If the folks with pockets to be filled with taxpayer dollars choose the appraisers, kiss the bond issue goodbye.
They have about 60 acres at the main site in Nampa that can be built on. Give up the idea of super plush admin offices on the river in Boise.
May 12, 2015, 7:14 am
Not to worry folks.. When the CWI board picks an appraiser I’m sure it will be a MAI certified appraiser…. or as we say in the business….. Made As Instructed appraiser.
May 12, 2015, 12:40 pm
Agree w/ R Evensen that a disinterested party should be paid to evaluate/select the appraiser to ensure objectivity. It would be pretty simple…issue an RFP, develop a pointing system and have a qualified panel rate and rank appraisers who respond before selecting a firm.
Given the way this has been handled, anything short of a scrupulously-prepared appraisal will do nothing but fan the flames of voter skepticism.
And absent a credible appraisal, as well as CWI addressing other issues surfaced here (brownfield and flood plain potential), I’m going to have a really, really difficult time w/ the bond vote.
CWI: Why not have one of the trustees (Stan Bastian, perhaps, an honest and credible source) respond on this board? Your silence isn’t helping.
Right now, I see this as CWI jumping through a hoop because of the Guardian coverage. JJ’s right–this is spin. Maybe this is the perfect property for the expansion…why doesn’t CWI thoroughly explain why, as well as verifying the reasonableness of the price being paid, instead of essentially stonewalling…”talking” through press releases?
Dave: Again, invaluable public service on this issue. It’s a big deal.
May 13, 2015, 10:24 am
You folks just gotta understand that wasting money on a school campus is the American way:
http://www.foxnews.com/us/2015/05/13/lsu-85m-lazy-river-leisure-project-rolls-on-despite-school-budget-woes/?intcmp=trending