 Sherman Daily Democrat April 14, 1936 Old College Property Salvaged by City for Use as Community Center With a beautiful new municipal building set in a spacious civic center nearing completion, it must be remembered that two situations were important factors in this municipal improvement project. One is the fact that the properties of the Kidd-Key college could be purchased for such a reasonable sum, and the other is the fact that the public works administration stood ready with a sizable grant of money to aid the city. The city of Sherman, nevertheless, has been called upon to spend a considerable amount of its own money, and a $115,000 bond issue for this project was included in the triple bond proposal submitted to a popular vote Dec. 27, 1935. City Manager W. Morgan Works places the total cost of the development at approximately $200,000, including the buildings, site, new construction and full equipment. Of the amount, $57,000 came through two FWA grants, of which the first was $45,000. The $115,000 bond proposal was passed along with the $10,000 proposal for improving the high school auditorium and the $100,000 proposal for construction of a swimming pool and enlargement of the waterworks facilities. Immediately, $40,000 was spent for purchase of the property. This amount was practically a bargain-counter price. Holders of notes for $125,000 first asked twice that amount, but finally took their losses, salvaging only the $42,000 out of their original loan. In the property acquired was a four acre tract containing eight buildings (three of them frame) and a two acre tract across Elm street east with four old buildings (including one frame). On the larger tract stands the building now being completed as the new municipal building. It contained 27 classrooms and several studios and washrooms in the rear portion, which was completed July 5, 1928 at a cost of $68,768.34. Another contract for construction of an auditorium unit was negotiated shortly before completion of the administration portion of the building, at a cost of $29,222.88, but was terminated April 20, 1929. At that time only the steel frame and parts of the outer walls of the auditorium had been completed. Of the $125,000 secured by the college from the St. Louis firm Oct. 15, 1927, only two $1,000 bonds and three years interest had been paid when the city took over the property. Of this money, $46,511.66 was paid by the college authorities to the Kidd-Key heirs to apply on notes held by the heirs dated Sept. 1, 1921. So for $40,000 the city acquired a building on which had been spent $68,768.34 for the administration part and $29,222.88 for the auditorium, or a total of $97,991.22. Besides this out-of-pocket cost, there is also to be figured in the value of all the other buildings on the tracts, and the actual land value. One estimate of the total property value was $132,000. The western tract, on which stands the municipal buildings, is 373 feet from Pecan street north to Mulberry, and 325 feet from Elm street west to Rusk street. The smaller tract is 410 feet north from Mulberry and its width east from Elm street is 200 feet in one place and 165 feet in another.  Kidd Key College History Susan Hawkins © 2024 If you find any of Grayson County TXGenWeb links inoperable, please send me a message. |