Cheney board approves Fisher Building sale addendum

At a special July 26 meeting, the Cheney School Board approved an addendum to the Fisher Building sale agreement with Eastmark Capital Group, with Director Mitch Swenson abstaining.

According to Kassidy Probert, the district's director of finance, Sean Barnes, manager for Eastmark Capital Group, requested a 45 day extension to the feasibility study because his Historic Preservation Tax Incentive application is still pending approval from the National Parks Service. The extension shall be modified to provide 100 percent of the buyer's earnest money as fully fundable in the event the application is not approved.

The school board approved the sale of the Fisher Building, formerly the Cheney School District administration building, at its May 11 meeting. The sale agreement included a 75-day feasibility period with an option for a 45-day extension at a cost of $12,500, which is half of the earnest money.

The sale agreement also states that Eastmark Capital Group agrees not to demolish the original building, which began service as the district's high school in 1929.

Probert said the application has already been approved by the state Historic Preservation Office and would give Barnes a 20 percent tax credit on the rehabilitation and construction costs.

Probert added Barnes has already completed the LED street lighting survey and has had his space and parking plans approved by the city of Cheney.

"The application's approval process is taking longer than the initial 75 days," Probert said. "We thought that it was reasonable to approve the feasibility study extension. He's put in more than $12,500 of his own money and has done more work than any other developers who have shown interest in the Fisher Building in the past."

According to Probert, Barnes should hear within 20-30 days whether or not his application has been approved.

Al Stover can be reached at [email protected].