Stillwater Public Schools closed on Cimarron Plaza, purchasing the property from Cimarron Tex-Ag Limited Partners for $4.3 million after a week’s delay.
“We are so excited about the acquisition of Cimarron Plaza,” Superintendent Ann Caine said. “It gives us plenty of opportunity for growth and we are looking forward to the next 10 years.”
Assistant Superintendent James Ryan said the district planned to close on May 31, but the deal was finalized Tuesday. A phase one environmental report, land title survey, lease purchase documentation and a title commitment had to be reviewed before the sale could be finalized.
“It’s too important a purchase to not let every ‘T’ be crossed and every ‘I’ dotted,” Ryan said.
CFO Phillip Storm said the district paid $320,000 — $215,000 as a 5-percent down payment on the $4.3 million. The other $105,000 went to closing costs, issuing costs and legal fees.
Monthly payments of $25,000 begin July 1, Storm said. This would have the property paid off in 20 years, said Ryan.
The school system will derive rental income from stores in the shopping center for now. Eventually, the shopping center will be razed for a sports complex to include baseball and softball fields as well as a natatorium.
The school district hopes to pay off the land purchase early, Ryan said. The system will ask voters in the next five to seven years to pass a bond issue to pay for the land and fund development of the sports complex.
“For the next several decades, this land will benefit the young people of Stillwater,” Ryan said, adding having sports like baseball, tennis and softball on school grounds will benefit the school district.