North Jefferson News, Gardendale, AL

September 27, 2013

Pinson agrees to financing deal for Rock School purchase

From staff reports
North Jefferson News

PINSON — The Pinson City Council has approved a financing package for the city's purchase of the historic Rock School property.

In a special meeting Thursday night, the council unanimously voted to accept an offer from Regions Bank to finance the purchase with a debt-service warrant. The amount to be financed is approximately $900,000.

The council had previously approved spending up to $975,000 on the purchase. The financing cost will be less than that because council members wanted to pay down some of the debt right off the bat, City Clerk Marie Turner said.

The sale of the historic school is contingent on the current owners, Solid Rock Church, moving into a new facility. The church has just entered into a contract to purchase the old New Covenant Fellowship property on Pinson Valley Parkway, within the Center Point city limits.

As part of Pinson's purchase agreement with Solid Rock Church, the ball fields that are part of the New Covenant property will be available for use by Pinson as practice fields for youth teams.

The Rock School property also includes the Triangle Park parcel across the street, which has been used by the city as a park for many years, but not actually owned by the city.