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Article: Ave Maria law school gets OK to borrow $16.5M.(Brief Article)
- Article from:
- Crain's Detroit Business
- Article date:
- October 1, 2001
- Author:
CopyrightCOPYRIGHT 2001 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Ave Maria School of Law in Ann Arbor has won approval to borrow $16.5 million from a sale of tax-exempt bonds that will allow it to purchase a building with the goal of obtaining full law school accreditation.
The American Bar Association requires a school to own a building for full accreditation. The school currently leases from the Ave Maria Foundation.
The Ave Maria School of Law plans to use $7.5 million to purchase the building at 3475 Plymouth Road and the rest to repay the foundation for building renovations and furnishings, a news release said.
The bonds are issued by the Michigan Higher Education Facilities Authority and sold by ...