SHEBOYGAN, WI (WHBL) - The long road to selling the former Washington School building in Sheboygan may be a step closer to completion
The Sheboygan Area School District’s Board of Education on Tuesday approved a change to its selling agreement with Gorman and Company Inc. Instead of getting 300-thousand dollars right away, the district will accept 150-thousand and allow Gorman to pay off the rest of the cost with a loan from the district.
District Business Manager Mark Boehlke tells WHBL News the change was needed, given that Gorman did not get the tax credit they were seeking to help them change the building into apartment units. "The purpose of that building for what Gorman’s gonna turn it into for apartments is great for the neighborhood. So we’re just glad we can work through it."
Boehlke says the sale of the building should be completed by the end of the year, and he expect Gorman to pay off the loan quicker than the 16-year max, given the interest for the loan is four-and-a-half-percent.