The second part of Cayuga Community College’s expansion plan got the approval it needed Tuesday.
The Cayuga County Legislature approved the college’s plan to buy 45 acres of vacant land in Volney along Route 481.
The land sits just south of and adjacent to the River Glen shopping center. The former P&C supermarket in the center will soon become the college’s new home.
The land could be used for athletic fields or leisure space for the growing college.
“This plot of land will enable the College to grow in a thoughtful, well-planned progression in the coming years,” said Cayuga Community College President Daniel Larson in a release announcing Tuesday’s approval.
The college will spend $495,000 to buy the land from its owner, Mark Eagen. County property tax records show Eagen bought the land in December, 2007 for $147,000.
The owner paid more than $2,600 in school, library, county, town, town highway and fire department taxes in 2010, according to county tax records.
Larson said that the state will fund half of the purchase and the college will borrow the other half from the county, paying it back from its fund balance and through the fees the college receives from other counties whose students attend CCC.
Cayuga Community College’s Fulton branch continues to grow rapidly, a success story in a community that has seen few of them lately. The $11 million move to the River Glen site offers the college the chance to expand further, by buying the empty retail storefronts next to the P&C as the need arises.
“In 2001, we had approximately 680 students enrolled at our Fulton Campus,” said Larson. “Today, that number is more than 1,260, and we anticipate that number could double in a few years as we’re able to accommodate more students in our new, larger campus facility.”
In fact, the college expects its Fulton satellite campus to soon have more students than its main campus in Auburn.
If this property had been assesed at the price that Egan paid for it (you know, ‘full market value’) $147,000 the school district alone would have been getting $3675 a year. Can someone explian why this property sold for $147,000 and was not assesed at that price? Serching the county real property site does not show a Eagen owning property in Volney.
Sorry, it does show up in Fulton, forgot they took it from Volney
Mike: The county’s database says the property is in Volney.
Thanks Dave, I saw that. I was looking at two different web pages. These are suppose to be at full market value but the asseser cut it down to $60,000 The owner turns around and sells it for almost $495,000 after 4 years. Maybe the asseser should pay the school district the lost income. The worst part is that all this property will now come off the tax rolls and we all get to make up the loss.
Who knew Oswego County was experiencing such a Real Estate Bubble, I wonder if my property increased over 200% in the last 4 years?