December 11, 2018

Region 4 Board of Education Acquires Property Adjacent to Valley Regional High School

DEEP RIVER – The Region 4 Board of Education has acquired a 34-acre parcel of land adjacent to Valley Regional High School for $350,000. The transaction closed on Aug. 31, 2017.

“This acquisition is great news for Valley Regional High School and the future of our community,” said Chris Riley, Chairman of the Region 4 Board of Education. “While there are no plans for the property at this time, the Board felt very strongly that the opportunity to acquire adjacent property was a smart investment for the future of our region.”

The Region 4 Board, consisting of three representatives from each of the towns of Chester, Deep River and Essex, voted unanimously to make the purchase. The First Selectmen in each of the towns were aware of the opportunity and all expressed their support for the acquisition. The purchase was funded with $350,000 from Region’s sinking funds, eliminating the need to bond or secure a mortgage. The sinking funds currently have a collective balance of $125,000.

For the past several years, the Region 4 Board has adopted the practice of returning 50 percent of any surplus to member towns and depositing 50 percent into sinking fund accounts. With a surplus of nearly $300,000 likely for the past school year, approximately $150,000 will be returned to the Region 4 sinking funds accounts once a final audit is completed. With regular deposits into the sinking funds, the entire purchase could be repaid
in three to five years.

The opportunity was first presented to the board in February of this year, and the board voted to direct Bruce Glowac to enter into negotiations to purchase the property. After several months of discussion with the previous owner and a substantial price reduction (the property was originally listed at $500,000), a deal was reached.

Superintendent Ruth Levy provided an update on the purchase at the September Region 4 Board meeting.

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