School Board discusses paying off Kerr property in Washougal
District estimates a savings at $91,000 in interest costs
Tuesday, August 21, 2012
The Washougal School Board is considering paying off a loan early to save money on interest payments.
In 2001, the district purchased the 30-acre Kerr Property as a future school site. It is located behind its office at Evergreen Way, and was purchased for $1.85 million through a loan at what was then known as First Independent Bank.
Rosann Lassman, business manager, said after doing some research, she realized the loan could be paid off with impact fees.
"We have $780,000 left to pay, with $101,000 left in interest," she said. "We would save $91,000 if we paid it by Sept. 1."