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A $500,000 credit enhancement from CSDC is allowing the start-up New Vision Charter School to look forward to a bright future with a great partner - the Larimer County Boys & Girls Club.
The Boys and Girls Club has agreed to finance the $3.2 million construction of a two-story, 25,000 sq. ft. building that it will lease to New Vision for 20 years, with a fixed-price purchase option in years 1-3. Plus, the Club plans to construct its own building, with a gymnasium, cafeteria and computer room, that will be connected New Vision, allowing the school use of the Club's facilities. (Because the Boys and Girls Club operates after school hours and on weekends, and New Vision is a daytime operation, shared use of the Club's building will save money for both groups.)
How the Funding Came Together
New Vision's enrollment is expected to begin at 337 students and reach a maximum of 432 students in year 3 of the lease. To mitigate the enrollment risk posed by New Vision's start-up status, the Boys and Girls Club required a lease guaranty equivalent to18 months of lease payments as a condition of the construction/lease of the new facility. CSDC provided the needed $500,000 credit enhancement to close the deal.
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