William Peace drops plans for bonds
Posted April 26, 2013
Raleigh, N.C. — William Peace University has decided not to seek Raleigh's approval to issue up to $16 million in tax-exempt bonds, city officials said Friday.
Peace had planned to refinance bonds issued in 2004 and seek city approval of some projects on the school's campus near downtown Raleigh, but the City Council delayed a hearing set for last week to give school officials time to clear up confusion over the issue among nearby merchants and people who live near the university.
The nearby residents and retailers have expressed concern that Peace plans to take over the neighboring Seaboard Station retail center, which has been in bankruptcy for more than a year.
Peace officials told the city that internal deadlines prevented a delay on the bond issue, so they plan to seek other forms of financing.
They will continue to meet with neighborhood groups about Seaboard Station.
Neighborhood groups say they don't want Seaboard Station converted to parking, dormitories or other facilities for Peace. Whenever the property emerges from bankruptcy, they say, it should remain a retail center to serve the surrounding community.