ByGeorge Ryan|Jul 13, 2020|Industry News, Local Real Estate, News
By Ken Amundson — July 10, 2020
GREELEY — Weld County School District 6 and Banner Health have swapped properties to permit the district to build a new pre-kindergarten through eighth grade school near the Boomerang Golf Course off 71st Avenue in Greeley.
While the property swap was recorded as a zero-dollar transaction in Weld County property records, it appears that District 6 got more acreage and spent less money than Banner, the Phoenix-based health-care system with more than 20 facilities in Northern Colorado.Reasons for the property swap are not clear. But property records show that District 6 bought about 45 acres of land Dec. 17, 2019, from State Farm Mutual Automobile Insurance Co. in the Promontory development for $2.4 million. The property, located just east of the State Farm buildings along Promontory Circle, is not within the school district boundaries, which would have made it difficult to use for a school facility.
Banner, which owns several parcels of property in and around Greeley, bought 88 acres on Aug. 25, 2011, from Boomerang Development Co. for $4.5 million. This is the property that it traded to the school district for a transaction recorded at $0 using the legal entities North Colorado Medical Center and BH Greeley LLC
Phil Dague, executive director of facility operations for Banner, confirmed the size of the parcel at Promontory but said he had no information on why the transaction happened the way it did and why Banner appeared to trade more for less.
Representatives from District 6 did not return calls Friday afternoon to respond to questions for this story.
The school district has begun design work on a school for the Boomerang site and expects to open by fall of 2022. The school will be built using money from a $395 million bond that voters approved in November 2019.
Featured in BizWest – April 13, 2020
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