Grand Island Public Schools is one step closer to acquiring the former Principal building.
At its meeting Thursday night following an executive session, the board voted 7-0-1, to approve a purchase and sale agreement to buy building located at 3025 College St., with board member Carlos Barcenas absent and board President Bonnie Hinkle abstaining,
Hinkle abstained because she works for Principal.
In an interview Friday morning with The Independent, GIPS Chief Financial Officer Virgil Harden said the agreement calls for GIPS to acquire the building through a seven-year, $3 million lease purchase with no interest.
âSo we just pay them (Principal) $3 million over seven years and then we own the building,â he said. âIt is $375,000 a year, but there are eight payments because there is a âyear zeroâ where you pay for the first payment upon closing and a year later, you pay another payment. So you end up paying it over eight payments, but it is a seven-year durat