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Byrneville Elementary Considers Bond Issue For $7 Million Building Project
December 20, 2018
The Byrneville Elementary School Board of Directors is continuing to explore financing options for a $7 million building and renovation project.
Thursday, the board met with Capital Trust Agency (CTA), an independent public body for the purpose of financing or otherwise accomplishing development programs. CTA is located in Gulf Breeze, with Gulf Breeze and Century signing off on CTA projects. Century entered into the Capital Trust Agency with Gulf Breeze in 1999 with Century essentially serving as the “second signature” for CTA, 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.
“You are family to us; we are going to assist you anyway we can,” CTA Executive Director Ed Gray said. “We are not going to charge you our usual fees. We are just going to offer advice through the process, whether that is a bank or CTA.”
CTA has financed numerous charter schools in Florida.
The Byrneville Elementary Board is also considering the use of bank financing using the New Market Tax Credits program, 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 charter school is considering expansions and improvements including classrooms and a new cafetorium, in addition to improvements to their main building.
Pictured top: Byrneville Elementary School. Pictured inset: Capital Trust Agency Executive Director Ed Gray address the Byrneville Elementary School Board of Directors Thursday afternoon. Pictured below: Byrneville Elementary board members Cheryl Boutwell, Melanie Killam and Brandy Carter. NorthEscambia.com photos, click to enlarge.
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