Lafayette may use financing to buy hubcap store

Bond financing approved Tuesday for Lafayette College could be used by the school to purchase a hubcap store property along the Bushkill Creek near Route 22 in Easton.

The Northampton County General Purpose Authority authorized up to $100 million in revenue bonds on behalf of the college, but the vast majority of that will be used primarily to convert existing variable-rate college debt into fixed-rate debt. Mitchell L. Wein, college treasurer and vice president for business affairs, said up to $6.3 million of the total is being eyed for capital improvements, or property acquisition, including the possibility of buying the hubcap business building and a service station property at 228 Cattell St.

However, most of projected $6.3 million would go toward converting the former Phi Delta Theta fraternity house on Sullivan Lane into instructional space and improvements to 616 Parsons St.

"We're pursuing it," Wein said of the hubcap store property, adding the college hasn't decided on how it would use the property if it is bought. He said the college recently purchased a former laundry business property just east of the hubcap store.

http://www.mcall.com/news/local/all-hubcap0610-cn,0,265556.story

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Lafayette may use financing to buy hubcap store