Tuesday, August 12, 2008

'Best, highest use' marks Stritch purchase of Cousins Center

Brian T. Olszewski reports under an ambiguous headline in "our" Milwaukee Catholic Herald, July 24, 2008.

On one hand,the Archdiocesan offices, originally a minor seminary, will be sold to Cardinal Stritch University. The facility will return to an educational mission under the patronage of St. Francis (though now of Assisi, rather than de Sales).

On the other hand,
The property had been on the market since 2006 when the archdiocese had to borrow in excess of $4.6 million to pay its share of a $16.65 million settlement to 10 victims/survivors of sexual abuse in California. While the Cousins Center's sale price has not been disclosed, proceeds from the sale will be used to pay off that loan whose interest is "about $1,000 a day," according to John Marek, CFO of the archdiocese.

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