Southwest Dubois Multi-School Building Corporation Completes Purchase of Property; To Issue Bonds, Make Renovations, Create Athletic Complex

By Kris Norton

Huntingburg - The Southwest Dubois County Multi-School Building Corporation Board of Directors authorized the purchase of real estate from the Southwest Dubois County School Corporation on Tuesday night.

Members of both parties met at the Phillip C. Schneider Law Office to authorize the ownership transfer of a portion of Southridge High School and a plot of land, approximately one acre. The portion of the school includes everything south of the classrooms.

This move will be effective as of September 15th, when proceeds from bond sales are collected. 

The face value of the bonds that will be sold on the market are $5,120,000.

The Multi-School Building Corporation works as a holding company, allowing the district to garner more funding for future improvements, explained Lawyer Phillip Schneider.

"Indiana law allows a building corporation to be formed, it's like a holding corporation, and the building corporation acquires the land or the site that is going to be improved from the school corporation," Schneider said. "[The Building Corporation] issues bonds, issues tax-exempt, first-mortgage bonds on that property that it is going to acquire, and sells those bonds."

According to the terms of the deal, the Building Corporation will lease the building and land back to the School Corporation for twelve years.

The reason for the decision - renovations to Southridge High School and a proposed athletic complex. Tuesday's transaction will go towards funding future projects on the campus,  including possible extensive HVAC work at the site.