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Council approves TEFRA hearing for Carey School’s early‑childhood center; financing ratified 5–0
Summary
The council held a TEFRA hearing and approved a resolution allowing the Carey School to pursue tax‑exempt financing for an early childhood education center at 2033 LaSalle Drive. A Cary School representative said they have a rate lock and plan to break ground in June 2026.
The City Council on April 6 conducted a TEFRA hearing and adopted a resolution approving the issuance of tax‑exempt revenue obligations to support capital improvements for the Carey School, including an early childhood education center at 2033 LaSalle Drive.
Finance Director Abby Feaster explained that the TEFRA hearing is required so a public agency can be a member of a JPA that facilitates tax‑exempt financing for qualifying nonprofit projects. She said the hearing does not place a financial obligation on the city; it simply allows the Cary School to access tax‑exempt borrowing through the California Enterprise Development Authority.
Neely Norris, representing the Carey School, told the council the school secured a rate lock before recent market increases, is finalizing its construction contract and expects to break ground the week of June 8, 2026, with a goal of opening the center for the 2027–28 school year. The council moved, seconded and approved the related resolution by roll call, 5–0.
No public comment was received on the item. The action ratified staff recommendations and enables the school to continue its financing and construction schedule.
