Remicks Forgive $9 Million Lourdes Loan
Rochester, MN (KROC AM News) - Rochester Lourdes High School is once again the recipient of a huge gift from longtime benefactors Jack and Mary Ann Remick.
The school - located at the intersection of 19th St and Valleyhigh Dr NW - opened in September 2013, largely because of the generosity of the Remicks. They donated the land the school was built on and offered a $10 million loan to help cover the overall cost of $34 million.
The Remicks - who have a long relationship with Lourdes and the Rochester Catholic school system - have now decided to forgive the $9 million outstanding balance of the loan.
“Words simply cannot articulate the gratitude and emotions our hearts are experiencing as we continue to digest the magnitude of the Remick’s generosity,” said Michael Brennan, RCS Director of Schools.
Brennan says the Remicks shared their intent to forgive the loan to ensure that future development and fundraising efforts are focused on academic enhancements, increasing access to Catholic schools through the provision of financial assistance, and growing an endowment for the long-term sustainability of Catholic education in the city of Rochester.
“Despite the building project being complete and our students now in their third year of enjoying the fruits of our community’s generosity, we have still been faced with the reality and responsibility to fulfill our obligation to the privately funded loan,” said Mike Kesler, Director of Advancement for Rochester Catholic Schools.
“This gift has afforded RCS and its Department of Advancement the opportunity to concentrate on future development activities specifically geared toward the cultivation and stewardship of resources to support the next wave of dreams RCS has for its students’ educational experience. “