With This Senior Class, Lincolnway North Closing

FRANKFORT (CBS) -- It was a bittersweet night for seniors at Lincolnway North High School as their class is the final one to graduate from the school.

The school, opened in 2008, is closing because it is too expensive to maintain, CBS 2's Jeremy Ross reports.

The cash strapped School District 210 says it will save $5.2 million annually.

School officials blame the housing collapse, overestimating the student population and underestimating state funding.

Some residents say the district mishandled funds, which has resulted in a federal investigation. One called the situation a "hard pill to swallow."

"In the end, the kids lose, and that's the biggest problem," one resident said.