LAKELAND, Tennessee (September 26, 2019) – The City of Lakeland has received official notice from the United States Department of Agriculture (USDA) Rural Development that a $60,000,000 Community Facilities Loan has been approved and obligated to fund a new high school in Lakeland, and refinance the existing 2015 Capital Outlay Note used to construct the Lakeland Middle Preparatory School.
The City of Lakeland will be securing interim financing from a local/regional bank for the construction of the new high school. The Community Facilities Loan from USDA Rural Development will be used once construction is completed and will be based upon a 40-year term at either the current interest rate of 3.5% or the lower rate if applicable at closing.
Lakeland Vice-Mayor Josh Roman said, “Securing Lakeland Preparatory High School is vital to capitalizing on our esteemed position as an educational leader in Shelby County. I want to sincerely thank those supporters that remained determined for seven years to make it happen. I also want to thank the School Board and BOC for helping Lakeland move forward without a tax increase.”
"I am honored to be a part of this historic occasion,” said Lakeland Mayor Mike Cunningham. “To lead this collaborative effort with other city officials to find and promote the USDA funding mechanism for our Lakeland School System expansion is truly a win-win for everyone in Lakeland."
The City of Lakeland would like to thank our partners at USDA Rural Development for their outstanding guidance throughout this process. There have been many stakeholders involved in this process, their contributions to bring us to this point are recognized and appreciated.
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