IU Foundation in negotiations with Phi Delta Kappa for PDK's building

Phi Delta Kappa International, a professional organization for teachers located in Bloomington, is currently in talks with the IU Foundation to buy PDK International’s building at 408 N. Union St., said Barbara Coffman, IU Foundation executive director for strategic planning and communications.\nPhi Delta Kappa Executive Director Bill Bushaw said the organization’s board decided it had more space than it needed.\n“They decided if the Foundation was interested in buying it, the board would sell,” he said.\nHe added that when the building is sold, Phi Delta Kappa staff members would stay for a period of time and would use the money to buy or build a new building elsewhere.\nIU Foundation Executive Director of Real Estate John Wilhite said after the IU Foundation purchases the building, it will be leased out. \nCoffman said the reason the IU Foundation agreed to buy Phi Delta Kappa’s building was because the foundation is able to do certain kinds of financing the University can’t do quickly – if property becomes available that IU wants, she said, the IU Foundation is asked to buy it.