School District 831 is now in the ice arena business.
Forest Lake Area Athletic Association President Al Hauge said the district closed on the purchase of the FLAAA Sports Center on Monday, Nov. 25. Financial terms of the deal were not immediately available, but through a lease purchase agreement, third-party investors now hold the title to the five-year-old facility. The district will make annual payments for up to 20 years. Once the agreed-upon value has been paid, the district can obtain the title. The district’s latest pro forma projected interest and fees of $1.4 million on top of the agreed-upon purchase price of $3.3 million.
Last week the Sports Center was scheduled for auction at the Washington County Law Enforcement Center in Stillwater.
Nicholas Jellum, attorney at the Stillwater firm of Anastasi Jellum, said the sheriff’s sale of the ice arena was first postponed until Dec. 5 and then cancelled.