Franklin Fiscal Court voted 6-1 Thursday to assist Frankfort Christian Academy in financing the acquisition and rehabilitation of the Fruit of the Loom building on U.S. 421 for the school's new location.
County Attorney Jim Boyd told Fiscal Court members in the work session the county won't have any liability by agreeing to authorize, issue and sell approximately $2 million in Kentucky Educational Development Revenue Bonds.
Bob Pennington, of Kirkpatrick Pettis, an investment banking firm working with Frankfort Christian Academy (FCA) on structuring some long-term financing, said the county's serving as a conduit issuer on behalf of FCA, "allows us to issue tax-exempt bonds and there's some definite economic savings to the academy."
Robert Roach, headmaster at FCA, said the academy is purchasing the property March 1 for $1.4 million, while it is worth $3,050,000 unimproved. (The academy now has locations at the Capital City Christian Church on Versailles Road and at Crestwood Baptist Church on Georgetown Road.)
"Improvements will be made in the warehouse space," Roach said. "We have two tenants and hopefully we'll get another one, so we believe the value will be higher than what the appraisal was."
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