The new building will sit near the existing high school.
The lease-purchase agreement, which uses school buildings for collateral, is a common vehicle for school finance in Ohio. It provides the school district with cash flow to let it move forward with its building plans, district superintendent Jim Gunner said.
The interest rate on the five-year loan is 2.79 percent, with no penalty for early repayment, said Lisa Crescimano, Perkins Schools treasurer.
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