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RCC to buy Ward building on its own By SARA MURPHY Although Southern Oregon University backed out of the deal earlier this month, Rogue Community College has decided to forge ahead with plans to purchase a large building in downtown Medford. The RCC Board of Education voted unanimously last week to buy the old Montgomery Ward store at Central Avenue and Eighth Street at a ceiling price of $2.273 million. "We're real excited about it," said Tom Bradbeer, RCC dean of human resources and college advancement. "This is going to be a wonderful addition to our facilities downtown." While the papers have not been signed, Bradbeer said the building's owner, Alan DeBoer, has an agreement with RCC to renovate the building and sell it at a price the college is willing to pay. "The owner bought the building with the intent of making it available to us," Bradbeer said, adding that RCC hopes to move in by September. "We're on a fast track. Our facilities in Medford are full right now." Initially, RCC had planned to purchase the building, which sits opposite the Craterian Ginger Rogers Theater and now houses a furniture store, in partnership with SOU. But uncertainty about funding and floor space caused SOU to scale back. Though first believed the 1928 structure would accommodate the addition of a fourth floor, Bradbeer said that plan was not feasible. Bradbeer said SOU's decision to pull out of purchasing the building doesn't affect the long-term partnership between the two schools, which includes admission and financial aid agreements. SOU also will rent office and classroom space from RCC. "The building was one element of that partnership, and not really a major part of it," Bradbeer said. The renovated 35,000-square-foot building will provide space for about 13 classrooms, as well as offices, a counseling center, student lounge and tutorial center. Those services are available -- but cramped -- at RCC's Riverside Campus. "From the day we opened, it was not adequate," Bradbeer said. The Ward building will allow RCC to serve an additional 300 full-time students next year and will allow for growth, Bradbeer said. The college currently enrolls the equivalent of 4,700 full-time students. The college has about $600,000 in state funding available for the project, designated by the Legislature to improve access to post-secondary education in Southern Oregon. The balance of the nearly $2.3 million purchase will be funded through certificates of participation, which are tax-exempt financing instruments similar to bonds. The college will have to pay them back with cash from the general fund, generally used to pay teachers and other necessary services. The RCC board considered other options, including leasing the building or getting a conventional mortgage, Bradbeer said. Because the interest on the certificates of participation are tax-exempt, however, that route proved to be the least costly. Bradbeer said the college will pay off the certificates at a rate of $150,000 for 20 years. The interest is estimated at 4 to 6 percent. Today's Edition : News | Sports | Business | Weather | Tempo | Classifieds Mail Tribune Copyright � The Mail Tribune 2000, Medford, Oregon USA