Bank says it won't foreclose on school in Pasco County, Fla.

From The St. Petersburg Times: Academy at the Lakes, a private school in Pasco County, Fla., no longer faces the threat of foreclosure from Bank of America. The banks says it is dismissing the lawsuit, but declined to give more details. The bank had begun foreclosure proceedings against the school last month after the school had failed to make its November 2010 monthly payment on a $3.4 million construction loan.

Earlier....from The St. Petersburg Times: A bank has filed a foreclosure suit against a private school in Pasco County, Fla. Academy at the Lakestook out a $3.4 million construction loan four years ago to add classrooms and a gymnasium, and to make infrastructure improvements.Bank of America asserts in the lawsuit that the school failed to make a November 2010 monthly payment and has not met subsequent deadlines to cover the amount. Officials say the school expects to have more than 410 students in the fall — the highest in its 19-year history.