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Byrneville Elementary Considers Financing Options For Over $7 Million In Improvements
August 30, 2018
The Byrneville Elementary School Board of Directors continued their discussion on new school buildings Wednesday, taking a look at financing options offered by an area bank.
The charter school is considering over $7 million in expansions and improvements including classrooms and a new cafetorium, in addition to improvements to their main building.
Representatives from United Bank presented the board with details on two non-traditional lending programs.
Using a New Market Tax Credits program, the school would received a fixed interest rate for seven years, and the closing process would take about two months. The New Market Tax Credits are part of a federal tax credit program enacted by Congress in 2000, designed to stimulate private investment in low income urban neighborhoods and rural communities.
The bank also presented information on the Community Facilities Direct Loan program in partnership with the USDA. The program would offer fixed rate financing up to about 38 years with an estimated six month closing time. It is designed to provide long-term, low-cost financing for the construction, acquisition, maintenance or renovation of essential community facilities in rural areas.
The board is also considering other funding options. Board member Cheryl Boutwell said she has contacted the Capital Trust Agency about possible financing options.
The Capital Trust Agency (CTA) is an independent public body for the purpose of financing or otherwise accomplishing development programs. The City of Gulf Breeze and the Town of Century sign off on CTA projects, certifying that the projects meet a public purpose under IRS rules and regulations. No funding comes from the or is approved by the municipalities; it is directly from CTA.
Pictured: Byrneville Elementary School board members discuss financing options Wednesday afternoon. NorthEscambia.com photo, click to enlarge.
Comments
2 Responses to “Byrneville Elementary Considers Financing Options For Over $7 Million In Improvements”
Does each school have the authority to secure its own loan or does the school board have to approve? Just asking for my own knowledge. One would think the Escambia School Board would step up and cut a check for repairs or expansion.
For many years now the teachers have been doing a great job with the building. I can’t wait to see all the wonderful things they are planning. I know the board is/will do what is best for the staff,students and parents of the school. Looking forward to the future of Byrneville elementary.