The school closed earlier that year and the student body was merged with Chandler Elementary to form the new Mary C. Snow West Side Elementary.
The loan is zero percent interest, Rogers said. It will be paid back in 20 to 30 years, she said.
Rogers will meet with Sadd today to discuss the length of the loan.
If Sadd opts to sell the building, he must pay back the loan immediately.
Sadd plans to spend $5.2 million to renovate the school and turn it into apartments, Rogers said.
King pointed out that this is the only apartment complex dedicated exclusively to seniors. The next closest senior housing complex is in South Charleston, he said.
The motion to grant the loan passed unanimously.
Council members also introduced a bill authorizing the city to take over eight acres of land near Danner Meadow Park in Fort Hill.
The property would be deeded to the city as a gift by the estate of Lawson Hamilton. It would be used as a nature conservatory and to expand the walking trail at the park, Councilwoman Susie Salisbury said.
Salisbury is a Republican representing Fort Hill and one of the bill's sponsors.
"This is really exciting," she said.
The bill was referred to the Finance Committee. Salisbury hopes to have the land in city hands by the end of the year and the trail expansion completed in six months.
The trailhead will remain at Danner Meadow Park, she said.
"This will be a great boon for the neighborhood and the city," Salisbury said.