Charter Day School will expand three of its local charter schools with new amenities and facilities for students and parents.
Charter Day School has announced plans for major expansions at three of its schools after a privately financed bond offering was successfully oversubscribed.
The projects include the following additions:
• South Brunswick Charter School in Southport will expand from grades K to 5 to K to 8 by adding middle school classroom buildings, a multipurpose auditorium/gymnasium and more classrooms for exceptional children.
• Columbus Charter School in Whiteville will add a new elementary school office, additional classrooms for exceptional children and a new, enlarged computer lab.
• Charter Day School in Leland will add a new elementary school office building with a multi-purpose auditorium/gymnasium along with a new exceptional children’s classroom building at the middle school.
Charter Day School Board Chairman Robert Spencer says this privately financed bond offering is the culmination of several years of planning and evaluation of financing alternatives by the nonprofit’s Board of Trustees.
“I am excited that we are now able to move forward with these major projects,” Spencer says.
Spencer highlights the importance of the privately financed bond issue by pointing out that charter schools receive no state or local tax funds for facilities.
“Charter schools are loved by taxpayers because they educate students for less than 75% of what regular district schools receive,” Spencer says. “This means, however, that some facilities must wait until the schools build up enough savings to attract private investors for their construction.”
With a Moody’s credit rating that puts it among the top 10% of all charter schools and a very stable steady growth with outstanding test scores, the family of Charter Day School (CDS, Inc.) schools, managed by The Roger Bacon Academy (RBA), was able to get a very favorable interest rate as it placed its municipal bond offering into the investment community. Prominent investment banks such as Goldman Sachs were quick to buy into the offering, which was oversubscribed.
“The favorable terms of this private financing are due to the dedication and hard work of the teachers and staff of our schools,” Spencer says, “as well as the loyalty, support and trust shown over the years by our students’ parents.”
The new multi-purpose auditoriums will facilitate a number of the schools’ competitive curriculum events such as the FASTAR reading/math races, the History Bowl Tournaments and Science Olympiad practices, and as well as indoor practice space for PE-related activities such as the championship archery teams and the National Championship Cheer Squads.
Baker Mitchell, founder of The Roger Bacon Academy, says these popular programs as well as regular physical education classes would no longer have to contend with last-minute inclement weather rescheduling or renting indoor venues or having to bus students to use the auditorium at their downtown Wilmington school, Douglass Academy. Use of the new facilities would also free up scheduling and additional funds for the downtown school, which is still growing into its existing facility.
“Parents will benefit greatly from the new auditoriums for drama productions and student observances such as kindergarten’s I Can Read ceremony, awards for Student of the Month, Exemplary Character Trait and Accelerated Reader, and the year-end graduation ceremonies,” Mitchell says.
Mitchell says site preparation has been underway for a few months, and two years is the projected time for the completion of all construction.