Oregon Schoolhouse Sale Ok'd
Developer Will Renovate, Occupy It

By Chris Michaels
The Capital Times, May 9, 2006

The School Board agreed to terms Monday night with developer Gary Gorman on his offer to buy the Red Brick Schoolhouse. Gorman plans to renovate the historic schoolhouse into an office complex for Gorman and Co. Inc.

The board agreed to a purchase price of $29,000 plus costs to make the building utility-independent from the school district, district business manager Andy Weiland said. Closing on the property must be no later than 60 days after a contingency period allowing Gorman to make assessment and financial arrangements, Weiland said. The contingency period, begun now, is at least 150 days but could be as long as 210 days.

Financial arrangements include discussions with the village of Oregon over tax incremental financing. Gorman has requested a $2.2 million TIF district loan from the village to foot the bill for the $2.7 million project. Gorman said the historic design approval process is going forward rather quickly, but the financial track will take a little longer.

"It's going forward and we're pleased to have Gorman involved in the process. This is what he does for a living (restoring buildings)," said School Board President Douglas Kornetzke.

Plans to remodel the historic building, which closed in 1992, had fallen by the wayside for various reasons over the years.

Back