Intent to Purchase Agreement with Town of Warren

Superintendent John Trout presents on the Intent of Purchase with Town of Warren
Posted on 12/18/2023
Superintendent John Trout Chief Financial Officer Becky Smith and Superintendent John Trout present on the Purchase Agreement between Huntington County Community School Corporation and the Town of Warren.  Becky provided an analysis of the current revenue earned by HCCSC as well as prospective revenue given the potential development of the land offered for sale to the Town of Warren.

HCCSC currently earns $190 per acre bringing $4,750 per year from the rented farm land.  With the sale and development of the land, HCCSC could earn around $78,200 from property tax revenue provided the estimated assessed home value, estimated tax rate and, estimated amount of homes. Becky Smith states that HCCSC currently earns $7,116 per student enrolled in the district.  Given the estimated amount of homes and projected amount of families with school-aged children, it is anticipated that the total student tuition revenue could be valued around $284,640 per year.  Becky also states that the amount of students could of course fluctuate and that the estimates based on averages.  In total the approximated revenue stream is estimated to be around $362,000 annually given the sale of the property, property tax revenue and estimated student tuition revenue.  The sale of this property provides a great opportunity for the Town of Warren and HCCSC.

Superintendent John Trout provided details on the agreement between the Town of Warren and HCCSC.  He notes that the analysis of the Salamonie property is over one of two parcels of land that are in the agreement.  Mr. Trout continues to provide more specifics of the agreement pertaining to the use of lots within the properties for sale.  It is clear that the agreement states that all lots will only be for single-family use only and that there are very specific requirements for each lot to abide by including the size of home, the exterior, landscaping, concrete use and more.  "There was a lot of concern from the Town of Warren that we were looking to put in Low Government Housing in this area. As you can see through the specifics of this agreement, this is not the case.  We are not, I will repeat that, we are not putting in Low Government Housing." states Trout.  The agreement provides a tremendous opportunity for both HCCSC and the Town of Warren as we continue to seek out ways to develop and invest into the community and the future of Huntington County.
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