The school will also spend $20 million to construct an 18,000-sq.m. campus.
The American International School has rented 73 dunam (18.25 acres) in southwestern Even Yehuda from the local council and private parties for $6.67 million. The leases were signed last Wednesday. The school will also spend $20 million to construct an 18,000-sq.m. campus, plus millions of dollars on sports facilities and public buildings. The school will move from Kfar Shmaryahu to Even Yehuda in two years.
The company that manages the school, which is registered in the US, rented 39 dunam (9.75 acres) from the local council for $2.6 million, of which $1.17 million is in cash. Another $1.17 million will be paid as rent during the period of the 49-year lease. The company also received an option for two additional 49-year periods, at the same rent. The company will also pay $390,000, $10,000 per dunam ($40,000 per acre) in development costs.
The construction plans have already been approved by the relevant committees, and have reached the deposit phase. The school management company will build an elementary school, a junior high school, and a high school. Construction will begin in June 2003; under the plan, the students will move to the new campus in September 2004.
Published by Globes [online] - www.globes.co.il - on June 23, 2002