Schools
Racine Unified Approves Bridge Loan for Old Building
To facilitate the sale of the previous administration center, board members approved a one-year loan.
To close the sale of the former adminstrative center, Unified board members approved a bridge loan with a 6-1 vote. Dennis Wiser was the lone objection.
The short-term loan totals $400,000, the majority of the $500,000 sale price. According to David Hazen, chief financial officer for the district, HKH Holdings is going to buy the property and requested the short-term loan. Terms of the loan include four quarterly payments at four percent interest to pay it off in a year.
Approving the loan moves the sale, which is scheduled to close on Wed., Oct. 26. The old Administrative Service Center building is located at 2220 Northwestern Ave.