Improvements may soon be coming to Scripps College.
The University got a green light Tuesday to accept a loan of up to $50 million from the California Municipal Finance Authority from Claremont’s City council. The city will have no responsibility for payments but is required to hold a public meeting on the issue by the Tax Equity and Financial Responsibility Act.
Scripps officials have told the city they plan renovations on several educational and administrative buildings throughout the school. Scripps is a member of the Claremont Colleges, a consortium of five undergraduate liberal arts colleges and two graduate institutions modeled after the Oxford-Cambridge model, according to their website.
The loan does benefit the city in that 25 percent of the total loan is provided to the city for use in their general fund. Another 25 percent will be given to the university as a forgiven part of the debt.
The hearing held Tuesday was meant to give the community an opportunity to speak about the loan but no one spoke. The resolution to approve the issuance of the loan was passed unanimously.
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