Central Rivers Area Education Agency, formerly AEA 267, now occupies the former Park Place Event Center after a $1.28 million renovation. Photographed Monday, Aug. 14, 2017, in Cedar Falls, Iowa.

CEDAR FALLS — Central Rivers Area Education Agency is still seeking buyers for two of the buildings that formerly made up its headquarters.

The agency’s board of directors last week approved a six-month extension of the contract for services with real estate agent Chris Fischels of Sulentic-Fischels Commercial Group.

“Our Realtor contract had expired,” said Central Rivers spokeswoman Beth Strike. The original six-month contract ended April 30. In February, the board approved selling a third building that had been the AEA’s administrative center, at 3722 Cedar Heights Drive.

Remaining facilities are the former conference center, at 3712 Cedar Heights Drive, and special education building, at 3706 Cedar Heights Drive. The contracts indicate asking prices of $2.65 million for the conference center and $1.25 million for the special education building. Those are, respectively, $450,000 and $255,000 less than in the initial contract.

“There’s been a fair amount of interest in both buildings,” said Strike. “We’re very optimistic the right buyer will come along for both buildings.”

She said the current reconstruction of University Avenue, which intersects with Cedar Heights Drive nearby, may have kept potential buyers from signing a purchase agreement at this point.

“We’re hopeful when that project is done we’ll see some more movement,” said Strike.

Contracts for the two buildings include a 6 percent professional service fee based on the actual sale price of the buildings and a 3 percent fee to cooperating multiple listing service brokers. They will be in effect until June 30.

The agency left the buildings this summer after signing a 16-year lease purchase agreement for a new facility at 1521 Technology Parkway, the former Park Place Events Center. Profits from sales of the former headquarters buildings can be used to make larger payments on the new facility starting June 1, 2023, reducing interest costs over the lifetime of the loan.

In other business, the board’s audit committee discussed the budget approval process. The board will hold a public hearing on the 2018-19 budget during its Feb. 7 meeting and give final approval that same night. The budget will be published in the classified section of The Courier and other papers 10 days earlier, on Jan. 29.

During past years, the board held the hearing and approved the budget for publication at its January meeting before giving final approval in February.


Waterloo Schools / HCC Reporter

Education reporter for the Courier

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