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Council approves amended bond project description for Champion Schools’ $15 million financing
Summary
The council approved an IDA amending resolution to expand the project description for a previously authorized education facilities revenue bond so Champion Schools can apply proceeds to all three campuses.
The Sierra Vista City Council on Jan. 9 approved an amending resolution requested by the Industrial Development Authority (IDA) of Sierra Vista to expand the project description for previously authorized education facilities revenue bonds for Champion Schools.
Michael Salania, representing the Sierra Vista IDA, told the council that the borrower—Champion Schools—had requested an expanded project description so the full $15 million the lender is willing to approve can be used across all three of the borrower’s campuses. The IDA approved the amendment at its Monday meeting and the IDA’s representative asked the council to concur so the issuer can move forward with the bond issue within the next month.
Salania emphasized the IDA is a separate nonprofit corporation from the city; he said the credit for the bond issue rests with the borrower and the IDA, not with the city, and therefore “there is no financial risk” to the city regardless of what happens with the school.
Councilwoman Faye Jackson moved approval of Resolution 2025-005 to amend the project description for the Champion Schools education facilities revenue bonds; the motion was seconded and passed by voice vote.
Why it matters: Expanding the project description lets the borrower use bond proceeds at multiple campuses rather than a single site, enabling the school to proceed with its project timeline once financing closes.
What’s next: The IDA expects to move forward with the bond issuance within roughly a month so that Champion Schools can continue with its construction and program calendar.
