Report: NMC’s market value at $9.6M in 2008

The Northern Marianas College’s market value is $9.6 million based on an appraisal report conducted in March last year.

The findings, which were also part of NMC’s first accreditation report, stated that this appraisal includes the improvements made to the As Terlaje campus site.

The appraisal was performed for the purpose of estimating the market value of the property in terms of cash or in terms of financial arrangements equivalent to cash, to be used by the college as a management tool.

The report indicated that the market value of the land on which the college sits was $16 per square meter as of March 2008, for a total value of $1.113 million for the entire 69,586 square meter land.

The appraisal report estimated -2.59 percent per year decline of land value on Saipan.

Major factors cited in the decline in property market value included the Asian financial economic crisis, the 9/11 terrorist attacks in 2001, the SARS scare, and the Iraq War in 2003.

“These external factors apparently slowed down the demand for real estate acquisitions in the Commonwealth which resulted in the decline of the market value,” the report stated.

The college’s buildings are estimated to have a value of $9.6 million. The report believes that all causes of depreciation exists in the buildings, including other existing structures.

NMC facility master plan out

NMC has already issued the specifications and scope of work for its planned facility master plan.

College president Dr. Carmen Fernandez said the college allows the participation of everyone in the planning process.

“Everyone at NMC will have an opportunity to participate in the facilities master planning process. Community input will also be invited,” she told Saipan Tribune, adding that students, faculty, and staff deserve the best learning and teaching environment.

“Our students deserve a state-of-the-art facility equipped with modern technology,” she said, adding that the new campus has been one of her priority initiatives.

In the accreditation recommendations, NMC is asked to address the dilapidated facilities and buildings on campus that affect student learning.

“We will use the results from our ongoing program review processes to drive the facilities master plan process,” she said.

According to Fernandez, a grant from U.S. Department of Interior will fund the facilities master plan, which will provide estimated costs that will determine the funding required to complete the project.

Once the facilities master plan is approved, Fernandez said, the college will work toward securing local and/or federal funds.