Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Education Bonds topic
No spam. Unsubscribe anytime.
Early Childhood Academy seeks $15 million refinancing to reduce carrying costs
Summary
Early Childhood Academy asked the committee to approve up to $15 million in tax-exempt bonds to refinance prior indebtedness and reduce daily carrying costs; Pinnacle Bank is expected to purchase the bonds and witnesses requested placement on the Nov. 4 legislative calendar.
Early Childhood Academy requested approval from the Council committee for up to $15,000,000 in tax‑exempt revenue bonds to refinance existing indebtedness tied to its 37,700‑square‑foot facility at 885 Barnaby Street SE.
Wendy S. Edwards, executive director of Early Childhood Academy, said Pinnacle Bank or an affiliate "is expected to commit to purchase 100% of the bonds" and that the proceeds will refinance prior financing, fund allowable working capital, and pay issuance costs. Edwards asked the committee to place the bond on the Nov. 4 council agenda so the school can close in late November or early December and reduce "substantial daily carrying costs" incurred under its prior financing.
Counsel Jerry Levine told the committee the request is strictly for refinancing and that there is no construction component in this matter. Chair Kenyon McDuffie asked about community engagement and CBE participation; Edwards said the school previously engaged ANCs and has letters of support, and counsel confirmed the refinancing does not include new construction that would generate construction‑era contracting opportunities. The committee accepted the testimony and invited the school to submit supplemental materials for the record.
