Building Block Fund Project
CSDC provided a lease guaranty equivalent to 18 months of
lease payments for the start-up school.
New Vision's enrollment grew from about 300 students when it
opened in 2006, to 450 today.
New Vision exercised its option-to-purchase from the Boys and
Girls Club and now owns the facility.
New Visions and the Boys and Girls Club still share a
connection, benefiting school and community.
The financial backing of CSDC laid the foundation for a
successful start-up for New Vision Charter School.
Building Block Fund Project
New Vision Charter School
Loveland, CO
www.newvisioncharterschool.org
Project Profile: A collaborative partnership between a
charter school and Boys and Girls club, enabled by CSDC's credit
enhancement, for new construction of a multi-million dollar,
multipurpose facility. CSDC Lease Guaranty: $500,000.
The Boys and Girls Club of Larimer County (BGCLC) formed an
innovative partnership with New Vision Charter School (NVCS) and
agreed to finance the $3.2 million construction of a two-story,
25,000 sq. ft. building for lease with option-to-purchase to NVCS.
As an after-hours and weekend operation, BGCLC recognized the value
in working collaboratively with a charter school that would operate
a daytime program in the same facility - resulting in substantial
cost savings and efficiencies to both organizations.
At the time, NVCS was a newly chartered school with no proven
enrollment or track record of academic results. To mitigate the
enrollment risk inherent with any start-up school, the Boys and
Girls Club turned to CSDC for a lease guaranty as a condition
precedent to constructing the new facility. CSDC provided the
critical $500,000 credit enhancement to close the deal.
NVCS commenced operations in the new facility in 2006 serving
close to 300 students. Since then, NVCS has grown into a
community institution enrolling 450 students in grades K-8.
With the tremendous success of, and demand for, the educational
program, NVCS qualified for independent financing based on the
school's record of sound business practices and exercised its
purchase option from BGCLC within three years. BGCLC went on
to construct its own building, with a gymnasium, cafeteria and
computer room that is connected to the school through a breezeway,
preserving that collaborative relationship for many years to
come.
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