Wednesday, March 23, 2016

GROUNDBREAKING...OR BUDGET BREAKING? Grand Traverse Academy Superintendent's Statement Off Base; Addition Being Built By Mark Noss, Not The GTA.

You thought this one would slip right by, did you?

A local television station covered the groundbreaking last week at the Grand Traverse Academy, and quoted the charter school's Superintendent, Susan Dameron, who said "the project is costing the school around $3 million".

But readers of this blog know that the 29,700 square foot addition is actually being built by MDN Development, LLC, a business owned by the head of the school's management company, Mark Noss. 

Noss, head of Full Spectrum Management, LLC, owns MDN Development, LLC, a private, affiliated property development company that recently inked a deal with the Grand Traverse Academy to construct the building on Academy-owned property and lease it back to the charter school — yes, it will sit on land owned by the Academy, and Noss won't pay a cent to use the land. 

According to the terms of the 20-year lease, the “lessee (the Grand Traverse Academy) may exercise an option to purchase the building, fixtures and premises from the lessor (Noss) on February 1, 2019 for a sum of Three Million Nine Hundred Thousand Dollars ($3,900,000).” 

The monthly rent for the first year is $30,000, rising to $38,000. 

If the school is unable to purchase the building from Noss in February 2019, and continues to lease the building through the 2036, total lease payments could exceed $8.5 million dollars.

But you wouldn't learn that by watching the local rah-rah TV coverage now, would you?

1 comment:

  1. Now, isn't that special that Noss and his company (solely owned or maybe with silent partners?) are so comfy to do this 'project', aka rip off of more taxpayer money to pay for it via the per student state money, and on school ground to boot! Wonder what would/will happen if Noss is indicted, prosecuted and goes to prison? Now, that would not only be special, but long overdue.