Lawrence commission considering shelter loan

money

LAWRENCE, Kan. (AP) — Lawrence city commissioners support loaning a shelter $725,000 but want more information about terms of the loan.

The Lawrence Journal-World reports (http://bit.ly/1eoVTGA ) the Lawrence Community Shelter raised about $3 million in pledges to buy and renovate a warehouse for use as a homeless shelter. But shelter officials told commissioners Tuesday costs to renovate the shelter are $600,000 more than estimated.

That left the shelter with a $625,000, short-term bank loan that comes due later this year. The shelter also has about $100,000 worth of roof repairs.

The shelter wants to replace the short-term loan with a 15-year city loan at lower interest.

Commissioners told staff to draw up loan documents, but also say they want to know how the city will protect itself if the shelter defaults on the loan.

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Information from: Lawrence (Kan.) Journal-World, http://www.ljworld.com

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