MISD approves PEAK lease amendment
By MEGAN MANAGAN
Mercer Island Reporter Reporter
November 3, 2009 · Updated 11:09 AM
The Mercer Island School District Board of Directors approved a lease amendment to the PEAK agreement with the Boys & Girls Club of King County last Wednesday, Oct. 28 during a special board meeting. The amendment allows the Boys & Girls Club to enter into a loan agreement with US Bank and secure a construction loan for the continuation of the PEAK project.
During the School Board’s regular October meeting last Thursday, board members said they were generally in favor of the amendment, but wanted a few stipulations to be added to both the amendment and loan documents before officially approving the amendment. According to the district’s attorney, Denise Stiffarm, the provisions were added, and therefore the conditions were met.
The provisions included making sure that the Boys & Girls Club deposits money toward the overall loan amount within 10 business days of receiving it to continually pay down the total amount, a provision which will continue if, for some reason, the Boys & Girls Club needs to refinance the loan.
The second provision was to ensure that funds never exceed the amount of the construction cost or the loan amount that the club had left to pay.
“It ties any amount they’re getting to the actual project,” said Stiffarm.
Mark Smith, the Boys & Girls Club of King County senior vice president of business operations, said pledges are being made in a timely fashion.
Board member Pat Braman initiated the motion, which was seconded by John DeVleming. The motion passed unanimously.
For a full copy of the amendment visit the MISD Web site.Contact Mercer Island Reporter Reporter Megan Managan at firstname.lastname@example.org or (206) 232-1215 ext. 5054.