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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