SALE OF FORMER CHURCH PROPERTY FALLS THROUGH

June 26, 2007

The sale of the former First United Methodist Church property fell through on June 26, 2007, after funding was not received by Granbury ISD in order to complete the real estate closing process. School Board President Jerry Campbell signed documents on June 22, 2007, to finalize the sale. The school district waited four additional days for the buyers to transmit the full amount of the purchase price.

On February 12, 2007, the school board approved a contract to sell the property for $2.43 million to Eddie L. Stivers on behalf of Mainstay Real Estate Properties, LLC. In May, board members authorized an extension in the closing deadline to June 22. The contract was subsequently assigned by Mainstay Real Estate Properties, LLC to Granbury Square Properties, LLC.

The school district originally purchased the building, which is located at 205 E. Pearl Street, for $2.298 million in January 2004 with the intention for the facility to house administrative offices and a conference center available for use by the community. First United Methodist Church leased the property through December 2005, when the church moved into a new facility. Since then, the school district has utilized the building as the Pearl Street Conference Center.

School trustees will consider the next steps regarding the property at the next regular meeting, which will be held on July 16, 2007.