A Jan. 14 appraisal set Hidden Springs Elementary School's market value at $5.36 million.
In May, after the Bank of America has finished foreclosing on the property, the district will purchase the building and its contents for $3.5 million, a price that was negotiated last year, said Dan Skinner, legal counsel for the Boise School District…
Hidden Springs Charter School opened in 2001 in an upscale subdivision in unincorporated Ada County.
The campus was built with a $5.8 million loan, of which $6 million is outstanding, said founder Joe Saucerman, who supports the sale.
School leaders, citing financial difficulties, asked the Boise School District to take over in January 2009.
Hidden Springs Charter School, Inc., forfeited its charter and staff, but remained the building's landlord.
In May, trustees agreed to run the school as a public school, leasing the building for $250,000 a year.
The charter school is about $180,000 short of being able to pay about 20 teachers their last paychecks of the 2008-09 school year, which are due at the end of the month. “We're working on it,” school board president Joe Saucerman said Thursday. “They will get paid in the normal cycle.” The school board counted on winning a lawsuit to make payroll, Saucerman said.