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Oak Park board approves short-term loan commitment to help Day Nursery stay open
Summary
The Village Board voted unanimously to authorize a loan commitment to the historic Day Nursery to provide short-term operating capital while the center develops a sustainability plan. The board and community speakers framed the loan as a bridge to preserve a century-old early-childhood provider that serves many lower-income families.
The Village Board of Oak Park voted unanimously to authorize execution of a loan commitment and agreement to provide short-term financial support to the Day Nursery, an early-childhood education provider that has served Oak Park since the early 20th century.
Board members and staff said the loan is intended as bridge financing to buy time for the Day Nursery to develop a plan for long-term sustainability, increase fundraising and rebuild operating reserves. Assistant Village Manager Jonathan Birch presented the staff proposal, noting the Day Nursery serves 66 children, 30 of whom are Oak Park residents, and currently has capacity for 77 children.
Why it matters: the Day Nursery is one of only two local child-care centers that accept the Illinois Child Care Assistance Program subsidy, attendees and staff said. That program’s reimbursement rate, the village reported, does not cover the full cost of providing care; staff said state reimbursements cover roughly $0.48 on the dollar for this provider,…
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