The neighbors are up in arms about rumors that William Peace University (formerly Peace College) is interested in buying the popular Shops at Seaboard Station. The retail space has finally turned a corner with a thriving mix of shops and restaurants, becoming a community focal point in the process. The rumors allege that Peace wants to purchase the property and slowly drain it of its tenants, after which it will demolish the complex to provide space for expanding its campus.
Here’s what the Mordecai CAC had to say:
MCAC Community:
You may be hearing about some changes in the works for the Shops at Seaboard and the possibility that William Peace University is interested in buying that property. We’d like to tell you what we know, what we don’t know, and what we’re trying to find out!
1. First, WPU is requesting permission from the City Council to seek financing through the issuance of tax-exempt bonds to be issued by the Public Finance Authority located in the State of Wisconsin. As part of the process, City Council will hold a public hearing on the bonds at 2 p.m. tomorrow (Apr 16) at City Hall. According to the attorney’s memo, the educational facilities revenue bonds would not exceed $16 million, and would be used to refinance existing loans at lower interest rates, to renovate Finley and Ross Residence Halls, construct a new residence hall on campus, construct Delway Street adjacent to the campus, and other projects. (See attached memo.) These bonds, if approved, MUST be used for the purposes as stated.
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