LLCA will borrow $7 million for new school facility

Aug. 15, 2013 @ 04:31 AM

Lake Lure Classical Academy (LLCA) received the go-ahead from Lake Lure Town Council to borrow up to $9 million for the construction of a new school building.

Since the Town of Lake Lure is the school's closest governmental agency, Council was asked to pass a formal resolution giving the school permission to borrow the money.

The money will be loaned to the school by a Wisconsin financial agency, similar to the lending agency that financed Thomas Jefferson Classical Academy's grammar school. 

The resolution allows the school to borrow no more than $9 million for school construction and LLCA plans to borrow only $7  million, said Lake Lure Town Manager Chris Braund and a member of the school's board.

The new school will be constructed with the tax-exempt bonds and will be located off N.C. 9 across from Ingles market on town owned property.

The financing firm is similar to the one that financed the Thomas Jefferson Classical Academy's grammar school.

Within a couple of months there could be some construction activity at the site, Braund said.

The school is currently located at 2520 Memorial Highway in Lake Lure.

In his monthly manager's report to Town Council, Braund talked about several issues regarding the abnormal rainfall this summer. 

At least 18.5 inches of rain was recorded in July.

Hydro generation set a record in July — $114,057— in revenues.  "That’s 42% of our expected annual revenues in one month," said Braund. 

At the Lake Lure Golf Course about 700 rounds of golf were played in July compared to 900 last year at the same time.

Braund reported that a lightning strike damaged six golf carts while recharging.

Water drainage issues are also at the creek crossing on the #4 hole at the golf course and work is ongoing to replace the old culvert with a wooden bridge for the cart traffic. 

The Town also responded to lightning strikes at the golf course and lake operations buildings. 

Braund said several lakes in western North Carolina have been dealing with issues of elevated fecal bacteria counts.

"The rains have exacerbated the problem.  We’ve been monitoring the beach carefully and working with the management team to take necessary treatment and response actions."