Council backs $14 million financing for Canyon Rim Academy’s new elementary school

The Millcreek City Council on May 12 approved a resolution supporting issuance of up to $14 million in tax‑exempt charter school revenue notes by the Public Finance Authority of Wisconsin to help finance a new building for Canyon Rim Academy.

Bond counsel Jacob Carlton explained the procedure: because the project sits inside the city, federal tax rules and the issuing authority’s statutes require a local public hearing and a local elected representative’s approval even though the out‑of‑state authority will issue the debt. “We are not asking the city to issue bonds at all,” Carlton said. “Nothing we’re doing tonight obligates the city in any way on the bonds.”

David Garrett, a representative for the academy, described plans for a new 61,000‑square‑foot K–6 school on the school’s existing 7.27 acres. Garrett said construction will be placed inside the site’s horseshoe footprint to preserve existing green space, with demolition of the original 1955 building when work is complete. He estimated a 14‑ to 15‑month construction timetable after the project begins.

After a short public hearing that produced no opposition, a council motion to adopt Resolution 25‑17 passed unanimously by roll call. The council and academy representatives agreed to exchange a signed PDF of the resolution after the meeting to complete the local administrative record.

Why it matters: the financing clears an important procedural step for Canyon Rim Academy to replace an aging building with a larger, modern elementary school while confirming the city will not be a borrower on the issued notes. The project is expected to expand capacity and improve pickup/drop‑off circulation at the campus.

Next steps: the Public Finance Authority will complete the issuance process and the academy will proceed with permitting and construction sequencing; the academy and its counsel will return signed documentation to city staff as the issuance is finalized.