PFA Issues Bonds to Finance Colorado Charter School Facility
Public Finance Authority Issues $8.365 Million in tax exempt and taxable charter school revenue bonds for the Global Village Academy.
(Madison, WI) January 26, 2011– On January 24, 2011, the Public Finance Authority issued $8.365 million in tax exempt and taxable 501(c)(3) charter school revenue bonds for The Global Village Academy to finance the purchase of land and the construction of a new 32,512 square foot educational facility. Once the construction is complete, the building will serve as the primary educational facility for more than 400 students in grades 3-8.
“Charter schools often struggle to overcome the administrative and financial burdens associated with acquiring and constructing educational facilities. The Global Village Academy project highlights how the Public Finance Authority can assist borrowers with cost-effective and efficient methods for financing charter school facilities. The result is a new educational facility that brings social, educational and economic growth to the community,” says James Hamill, Program Manager, Public Finance Authority.
Located in the City of Aurora (County of Arapahoe), Colorado, The Global Village Academy is an innovative charter school which teaches global literacy through language immersion. The mission of the school is to provide an academically challenging, content rich, internationally grounded liberal arts curriculum that holds high expectations for all students. Students must become bilingual and bi-literate in a world language, in addition to English; develop strong critical thinking skills in all students; and, promote international awareness, local and world citizenship.
“We are thankful that the Public Finance Authority was there to meet our financing needs. Global Village Academy has always been a symbol of rigorous education, critical thinking abilities, and love of knowledge. This project is a critical part of our rapid and strategic growth to meet the demand of communities seeking global literacy into the future. Even with our accelerated construction timeline the Public Finance Authority provided a predictable, efficient and cost-effective financing arrangement to help us meet our goals,” said Chris Coble, President, Global Village Academy Building Corporation Board of Directors.
With cooperation from the City of Aurora, Colorado, the Public Finance Authority worked to secure all the required local approvals, and provided the elected local government officials and the public the opportunity to review and approve the financing.
About Public Finance Authority®
Public Finance Authority® (“PFA”) is a political subdivision of the State of Wisconsin and is sponsored by the Wisconsin Counties Association, the League of Wisconsin Municipalities, the National Association of Counties and the National League of Cities. PFA provides local governments and private entities access to low-cost, tax-exempt financing for projects that promote economic development and provide public benefit. Created by local government, for local government the PFA efficiently, effectively, and reliably funds community-based public benefit projects on local governments’ behalf.