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SPCSA approves $80,000 revolving loan for DBay Arts Academy of Excellence to support 2025 opening
Summary
The State Public Charter School Authority approved an $80,000 revolving loan request to help DBay Arts Academy of Excellence prepare to open in fall 2025, with staff noting repayment terms, enrollment projections and a typo in a memo about grade rollout.
The State Public Charter School Authority approved a revolving loan application for DBay Arts Academy of Excellence (DBay) in the amount of $80,000 to support the school’s planned opening in fall 2025.
Executive Director Mackin (SPCSA staff) provided background on the revolving loan program, noting that loans may be up to $500 per pupil or $200,000, whichever is less, and that repayments are deducted monthly by the Nevada Department of Education from the school's state payments. Mackin told the board the loan interest rate is set at the prime rate at the largest Nevada bank (stated on the record as 8% at the time of the meeting).
DBay’s submitted budget shows a plan to enroll 60 students in its first year, and staff recommended approval based on the school’s plan for sufficient cash flow to repay the loan and the need for funds to prepare the facility for operations. The board approved the motion allowing SPCSA staff to work with the school on budget revisions so long as total funding “does not exceed the lesser of $200,000 or $500 per student enrolled at time of funds disbursement.” The motion passed with recorded aye votes and no opposition or abstentions on the public record.
DBay’s proposed executive director, Sham (Treadwell), confirmed that the school intends to open with kindergarten through third grade plus grades 6 and 7 for 2025–26, and then add grades through K–8 in subsequent years; SPCSA staff noted a typo in the recommendation memo and clarified the intended grade roll‑up. Treadwell said the school will submit a formal amendment to finalize grade levels.
Board member Stern disclosed that she knows two DBay board members and stated on the record that she believed she could remain impartial on the loan decision. Legal counsel Samantha King Powell confirmed that addressing the enrollment detail did not need to be part of the revolving loan vote and the loan motion could proceed.
Ending: The revolving loan requires subsequent IFC approval to be fully funded; SPCSA staff will work with DBay on any necessary budget revisions prior to disbursement and monitor enrollment at time of funding.
