The Acquired Facility consists of approximately 50,000 square feet, three story building. The building will be designed with traditional STEM learning experience in mind; designed specifically for science, technology engineering and mathematics classes. Additionally, the Borrower will use a portion of the proceeds of the Series 2015 Bonds to update the existing internet cabling throughout the building, the A/V and PA system, add a VOIP phone system, and update the existing security system (including the state-required items).
Contemporary Science Center, Inc. (the “Borrower”) is a nonprofit corporation formed in 2002. In 2010, the idea developed to create an innovative public STEM school that would model and scale new ways to educate, using the entrepreneurial talent and resources of the Research Triangle community to ultimately change the face of education in North Carolina and beyond. As a result, Research Triangle High School was established in 2012, a tuition-free public charter school.
PFA partnered with BB&T Capital Markets and Ice Miller to provide financing to Research Triangle in order to acquire and make improvements to the new 50,000 square feet property and increase enrollment to the educational facility.