NEW SUMMIT CHARTER ACADEMY PURCHASES PROPERTY IN ONLY THEIR SECOND YEAR
Property is acquired Through Tax-Exempt Bond Transaction with Essential Assets Investor, Tortoise
7899 Lexington Dr. Colorado Springs, CO: On August 27, 2019, New Summit Charter Academy, a K-8 charter school in Academy School District 20, completed a tax-exempt bond transaction with essential assets investor, Tortoise to purchase and own their building in only their second year of school.
The closing of this project, allows New Summit to finish phase two construction of their building and save money on the building’s rent. Because New Summit does not receive bond money from Academy School District 20, this investment allows the school to allocate more money to its general fund.
New Summit’s principal, Kim McClelland says, “We are excited about this opportunity to become owners of this great building, which provides a positive learning environment for students now and for many generations to come. We have been successful with our growth and accommodating the needs of the community, having opened in 2018 with 444 students, started the 2019 school year with over 550 students, still able to enroll currently and are projected to be at 1,000 students at full capacity with grades Pre-K – 8 within several years.”
The tax-exempt bond transaction was completed with essential assets investor, Tortoise, which invests in essential assets – those assets and services that are indispensable to the economy and society. Tortoise strives to make a positive impact on clients and communities with a “steady wins” approach and a long-term perspective.
About New Summit: New Summit Charter Academy, is a new charter school within Academy School District 20 in Colorado Springs. New Summit Charter Academy opened its first year as a K-6 elementary school in 2018, added grade 7 in 2019, will add grade 8 in 2020, and will apply to open a high school shortly after that. New Summit believes in teaching children a love of learning and inspiring them to reach new summits. If you have any questions, please contact our Communications Coordinator, Kathryn Sneed, at firstname.lastname@example.org.