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Dr. Horton Repayment Agreement
District 65's Interest Free $25,000 Loan to Dr. Horton
Dr. Horton owes Evanston’s kids $25,000.
The Evanston Roundtable first reported on this a few weeks ago, Horton to make District 65 repayment in monthly installments.
I FOIA’ed a copy of the agreement that you can read here. The basic premise is that he has to make $700/mo payments via mail to District 65 until July 1, 2026. If he elects not to make a payment, then he is in default and the District can elect to go after him to collect.
This clause (12d) in his contract is presumably designed to reimburse the District for hiring a Superintendent search firm; something they have not done. But a rule is a rule, the rest of us don’t get magically absolved from terms of employment contracts and neither should those in power.
According to friend of the Substack, Decaturish, Dr. Horton is making $325,000 in DeKalb.
I believe that if the Evanston Roundtable had not done the initial reporting, the Board would’ve likely ignored the termination clause in his contract. I also believe that it’s inevitable that at some point he will default on these payments, he’s filed for bankruptcy twice and been sued by the City of Chicago over all sorts of liens on his properties. And then, what? Why are we permitting someone who broke a contract with the District and then used his side hustle to recruit away a potential replacement to get an interest free loan?
I’ll be honest. I don’t understand how he couldn’t offset his presumably unused vacation days against this balance. He had a quite lucrative employment contract when it came to vacation; did he use all his (FIFTY!) PTO days?
Bankruptcy and financial risks aside, I’m not sure I could remember to write a check 12 times a year.