In a recent issue of the Statesman there was a paragraph about the property CWI wants to buy. Turns out, after all the bombast from the Statesman, that CWI is better at due diligence than the paper.
I refer to the recent appraisal done for CWI to determine the value for purchase. The appraisal was for $8.975 million which exceeded CWI’s offer of $8.8 million.
Since the property is assessed at $3.6 million, the Statesman, using alarmist logic, went off like a bad firecracker. Firings, resignations or flogging at CWI seemed in order. Well, I trust the editors are enjoying a serving of crow.
The real story for a newspaper concerning this transaction should not have been the offer price for the property but why it resides on the tax rolls at 40 percent of value. Taxpayers legitimately question this disparity.
Area community colleges seem to be in the news. Recently an assistant financial officer at CSI in Twin Falls was sentenced to 10 years for embezzling over $500,000. This happened under the noses of in-house CPAs and an auditor. Perhaps the Statesman could write both an investigative article on CSI and an apology to CWI.
Bob Allred, Eagle