Sale of Medina’s Towne school is finalized
MEDINA – The Medina School District has announced this afternoon that the sale of the Towne Primary School is complete.
The Board of Education on Aug. 15, 2017 accepted an offer of $900,000 on the building by Rainbow CCX, Inc.
“The new company that owns Towne School is a Chinese-based educational firm, that has stated that they intend to develop the school into an international school for students from China, with students ultimately living on the campus,” Mark Kruzynski, the district superintendent, said in a statement today.
Towne Primary School has been vacant since July 2012, when the district closed the school to consolidate and reconfigure the buildings on the current campus.
“On December 28, 2018, after all of the bureaucratic regulations and legal obligations were met, the ownership of the building officially transferred to Rainbow CCX, Inc.,” Kruzynski said.
Rainbow CCX has schools in Toronto and Niagara Falls, Canada.
The Towne school is 72,814 square feet and the property includes a 16.9-acre lot. The school district had it listed for $1,150,000. The CCX offer was significantly more than what was presented by the Calvary Tabernacle Church, school officials said in August 2017.
When the district accepted the CCX offer, Medina still owed about $1.2 million from Towne for a capital project at the building. The sale price will wipe out most of that debt. Medina also will be spared paying about $50,000 in annual maintenance and insurance at the site.
The property will go on the tax rolls and would have stayed tax exempt if purchased by the church.