The pending forbearance agreement is designed to allow the foundation, which oversees the Lagoon Landing dormitory at Florida Keys Community College, time to reorganize its business plan and renegotiate its funding bonds. The agreement has been signed by all the relevant parties, and will officially come into effect on May 1.
The FKCC Board of Trustees voted unanimously March 31 to approve the forbearance agreement.
The action gives the foundation and college up to two years to find ways to get the money-losing dormitory in the black.
The financial issues have resulted in four "significant deficiency" findings in the state financial audits of FKCC for both the 2012 and 2013 fiscal years.