Palmetto Charter School buys home from church

BUYER: Palmetto Charter School Inc. (officers: Bill Eurice, Dale Price, Roxanne Britt, Robert Montgomery and Michael Ameres), Palmetto
SELLER: Church on the Rock of Manatee County Inc.
PROPERTY: 1601 W. 17th St., Palmetto
PRICE: $3.5 million
LAW FIRM ON DEED: Price Hamilton & Price Chartered, Bradenton

PLANS, DESCRIPTION:
Palmetto Charter School purchased its building on 7.3 acres of land for $3.5 million.

The charter school has operated from the site since 2010.

“We just felt the school would be better served owning the property instead of leasing it long term,” school Principal Brian Bustle says. “The church wanted to relieve themselves of some debt, and we found a good meeting price a little less than the appraised price of $3.6 million.”

The property was sold by Church on the Rock of Manatee County Inc., which had originally used the building for the church's school, Palmetto Christian School.

Bustle says it gives the school the opportunity to eventually expand to the south of the current school building.

Palmetto Charter School offers classes for children from kindergarten through eighth grade. Its current maximum capacity is 364 students.

The school mortgaged the property to Capital Impact Partners for $3.24 million and took out a second mortgage to Church on the Rock for $200,000.