Still the same

COEUR d'ALENE - The Coeur d'Alene School District's central office building is worth the same amount as when it was purchased, according to a formal appraisal.

Valbridge Property Advisors, a Spokane Valley-based company, conducted the appraisal of the office, located at 1400 N. Northwood Center Court, in August at the request of the district's board of trustees. The appraiser used the most typical methods in their analysis of the building, and determined it was worth $2.2 million.

District Director of Finance and Operations Brian Wallace told The Press Tuesday that the office was purchased two years ago for $2.2 million. Prior to the purchase, the district paid $189,000 to rent the building for 9 months.

"Our move-in costs were $178,000," Wallace said. "This included costs of the actual move, minor remodel costs, technology infrastructure, and mechanical system upgrades."

Wallace added that the appraised value of the building is an "apples to apples" comparison to the purchasing price, and that the primary and best use of the building as an office space has not changed.

"With the board knowing (the results) and not setting any direction to sell the district office building, it seems to mean our administrative offices will not be relocated any time soon," he said.

The appraisal cost the district $3,000, and Wallace said it was the lowest of three quotes it received for the project.

In July, Trustee Dave Eubanks floated the idea that the district sell the office to replace $1.9 million moved from the district's unrestricted fund balance account to cover a shortfall caused by the construction of Winton Elementary School. However the idea lost traction at last month's board meeting when district officials informed the board they believed it wasn't worth much more than the district paid for it.

The building provides office spaces for 35 full-time employees and 30 employees who travel throughout the district.