I would run away from that school as fast as is humanly possible!
Unless you are doing your training under the VA and require 141 I would take those hours and go somewhere else and apply those hours to part 61. The worst I have seen for a 172 EVER was I think $160/hr and that was a 2006 with the G1000. I wouldnt expect to pay more than 90/ at the most from any school even if they are sp's a 172 is a 172 is a 172
Puppyz-
You could try this place at the field you already fly at
http://www.flypfs.com/ It will save you almost $40/hr for the 172. The prices up north are crazy though, their duchess is $105/hr more than what I pay in SoCal, for that price the plane should shoot its own approaches