PX Building for Fortune
On May 17, 2016, the Executive Director of the FHRA met with Fortune Academy to discuss Fortune’s interest in the PX building which has sat vacant for more than 18 years. During the meeting, it was brought up that FHRA(with the ReUse Board approval) would be interested in giving the PX building to Fortune Academy at no cost. It was made clear that Fortune is an important member of the community and was excited to see the PX building transformed into Fortune High School. The Executive Director stated that the next board meeting was June 20th, but that he was going to speak with the Re-Use board members before that date in order to expedite the process.
The Executive Director then met with a Fortune Academy Board of Trustee and Lawton Loop resident on June 3 to discuss the possibility/process of the FHRA handing the PX building to Fortune Academy. He stated that the Re-Use Authority Board would like Fortune to “make an offer” for the building and that the FHRA would require Fortune to occupy the PX building for 10-15 years, FHRA having first right to purchase should Fortune put the building on the market, and allow for the right of way for the access road to go through.
Fortune Academy made an offer of $20,000.00 for the PX building, agreed to the access road, and committed to staying 10 years, with first right to purchase at current market value. The Re-Use Authority held a retreat on June 3rd, 2016, at which time they turned down the $20,000.00 purchase price offer. The ReUse Board responded that the new purchase price for the PX building was now $200,000.00 and also stated that Fortune must agree to all previous stated stipulations with the altered duration for occupying the building now set at 15 years.
Fortune Academy is willing to agree to the 10 year term, but will not agree to such a price. We believe $20,000 is more than a fair price considering a building that has been left standing with virtually no repairs for almost two decades. The renovation costs for this building alone, are estimated at $1.5-1.8 million dollars. The commitment and investment to the neighborhood is PRICELESS.
The law firm Ice Miller sent Fortune Academy paperwork to write up a formal purchase proposal which was completed and hand delivered to the ReUse Authority Board on June 20th, 2016
Fortune Academy has heard nothing since that date.