A company paid $35,000 for a vacant Lackawanna School District building leased it to Global Concepts Charter school for over $2 million with an option to buy it that would have cost them over $5 million.That's a deal!
Annual lease payments started at $260,000 in the first year until reaching $480,000 for 2013-14. After five years, Global Concepts can exercise an option to buy the building for $2.9 million. State auditors found that by the time the school can buy the building, it would have already paid more than $2 million toward the lease, plus about $200,000 in taxes. Once those costs are added to the purchase price, the school would pay $5.1 million in those five years for the building, auditors said.
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