Joaquin's sale in the works

PROVO — Provo School District sold Joaquin Elementary to developers for $6.5 million Monday — and profits from the sale could end up in teachers' pockets.

Orem developer ArrowStar, which constructed the Highland Park townhomes in Provo, offered the best bid among several offers. District officials would not disclose specifically how many offers they received. They said offers varied in dollar-amounts and contingencies.

ArrowStar's payments to the school district will span over the next year. The sale is contingent on the Provo City Council's approval, because Provo owns a road easement on the 5-acre property. The council needs to approve a transfer of the easement to the school district.

"We are delighted and it still will take several months to process the sale," Provo Education Association President Lynda Westover said. "We're hoping at the end of the year to see a one-time bonus for teachers."

In the contract for the 2005-06 school year, district officials promised to consider giving teachers a bonus with money from the school's sale.

Teachers accepted an 0.5 percent cost-of-living raise. They also began paying for a portion of their medical insurance premiums — five percent — which was not required in the past. In the end, many teachers cash smaller paychecks this year than last year.

"We are cautiously optimistic at this point," Board of Education President Shannon Poulson said about a possible teacher bonus. "When the sale of Joaquin becomes final, we will meet as a board to decide how best to distribute those funds to meet the ongoing needs of the students and teachers in our district."

The Provo School District received $75,000 on Monday from ArrowStar.

If ArrowStar chooses not to close by December, it will pay the district a nonrefundable $25,000 per month through February. If the sale closes as scheduled, the district will receive $5,350,000 in March and the final $1 million in September 2006, said Mark Robinson, Provo district attorney.

ArrowStar can close on the deal earlier than the payment schedule if it provides the full sum, Robinson said. The property's title will not be transferred until the district receives all the money.

Joaquin Elementary, 550 N. 600 East, dismissed classes for good last spring. The school was in disrepair and district officials determined it would be cheaper to sell the building and land and send the students to other schools.