City gets paid first, under sale conditions of Roosevelt

Gorman Co. plans to turn old
school into low-income housing

The city gets paid first.

That’s the latest requirement by La Crosse’s city hall in the sale of the old Roosevelt school to Gorman Company.

Gorman will borrow $300,000 from a city TIF district to help fund the refurbishment of Roosevelt. The old school will be turned into 33 apartments for those living at or below 60 percent of the county’s median income.

Gorman’s loan rate is eviable – just 1-percent interest over 15 years.

The latest changes approved on Thursday by a city council committee.