Damn this shit is getting crazy! The Moyer board of directors held a what looks like a three day annual retreat (some say out of state??) but what the hell are they doing voting on action items. The property is question was sold at Sheriff Sale to Reinvestment Fund, Inc on 07/09/2013 for $1,300,000.00. Moyer’s board retreat started 07/10/2013 and looks like until 07/12/2013 a Friday! And these retreat minutes goes on about something about K12.inc lending Moyer $2,100,000,00 at a 5.3% interest rate. Moyer’s board references the building /school having an assest value of $6.1 million dollars. But how could K12.Inc sell the building school to Moyer if Reinvestment Fund, Inc ownes it per county records?
Where is the Delaware Department of Education Moyer’s authorizing and oversight agent in all of this? Why wasn’t the Delaware State Board of Education advised of this sale or pending sale? But agian, this event was an Annual Retreat! The public wasn’t given notice of pending action items! So Charters “are” public schools? WTF! SHITTTTTTTTTTTTTTT !!!!!!!! K12.Inc ??? I wonder do you think Govenor Markell owns stock in this for profit company. I doubt you remember this Kilroy post Riffs in Wilmington City Council reveals more K12.inc / Moyer BS Posted on August 26, 2011 by kilroysdelaware. Well it doesn’t matter the fix is in and all these concerns just get swept under the DE DOE rug and Debbie won’t do shit ! But Kilroy and others know there will be a Moyer bailout like Pencader recevied! Go back to sleep little town Delaware!
Facilities Plan – Dr. Curry
Currently, Moyer is leasing all three buildings at 600 to 611 East 17th Street:
1. The monthly rent for the building is $25,000.
2. The building is in the process of changing owners with the sale to be confirmed by Delaware Superior Court on August 19, 2013.
3. It is assumed that, once the sale is finalized, the new owners will allow Moyer to continue to rent the property, however under a rental agreement, the school could be evicted at the whim of the new owners.
The following information was offered as discussion points for approving the purchase of the property that Moyer Academy is currently leasing:
1. K12 will lend Moyer the $2.1 million to purchase the building at an interest rate of 5.3%, below the market rate for commercial loans. Dr. Curry already has K12’s promissory note in his possession.
2. The assessed value of the property that the Academy occupies is $6.1 million.
3. The monthly payment if the Moyer were to purchase the building would be $14,150, more than $10,000 per month less than the current lease payment.
4. Purchase would only be made when:
a. All liens on the property had been wiped away
b. Moyer’s real estate attorney reviewed the transaction and approved it.
5. Moyer would commit to paying off the loan:
a. Within the specified term of 5 years
b. Or if the contract with K12 is terminated.
A motion was presented to agree to move forward with the purchase of the property, based on the terms as disclosed, with K12 as the lender and with the only requirements being that Moyer repay the loan if K12 leaves, and with Moyer’s Property Attorney’s assurances that there are no liens on the property and that Moyer will hold clear title. Unanimously Approved