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Board to vote on adding bank as third party to PEAK project
The Mercer Island School District Board of Directors is scheduled to vote tomorrow on a modification to the lease with the Boys & Girls Club to codify the addition of a third party to the PEAK project.
The club and the School Board signed an agreement earlier this year that gives the club the right to lease the school district land for a payment of $1 per year for the next 50 years.
In July, Daniel Johnson, executive director for the Boys & Girls Club of King County, e-mailed Mercer Island School District administrators indicating the need for a loan to allow the club to have the building constructed while donors to the project are still making payments on their pledges.
The amendment to the PEAK lease to add the lender, US Bank, as a partner to project, is required for that loan to go forward.
The amendment was discussed at a public meeting on Sept. 2, when the board asked for more information regarding specifics of the agreement.
For more information on the arrangement, go to www.misd.k12.wa.us.
The School Board meeting is at 7 p.m., Thursday, Oct. 22, in the Board Room of the School District Administration Building at 4160 86th Ave. S.E.