Higher Ed still considering church building purchase

Submitted by star on Sat, 10/11/2008 - 4:15pm

Cook County Higher Education Director Paula Sundet returned to the Cook County – Grand Marais Economic Development Authority (EDA) on September 30, following up on her organization’s request to purchase the former First Baptist Church building. Sundet said Higher Ed was still unable to make a firm financial commitment for purchase of the building, because questions of what was to be removed from the building had slowed things down. Sundet also said Higher Ed’s funding source, the USDA, may not make funds available immediately. She asked if the EDA would consider a lease with an option to buy. EDA Director Geretschlaeger suggested that the EDA consider a two-year lease for a payment amount high enough to cover the EDA’s costs of owning the building, approximately $1,300 in interest plus insurance and utility costs. The Higher Ed attorney will draft a lease agreement, which EDA attorney Mike Hero will review. If the lease agreement is acceptable, the board will approve it at the October 14 meeting.