6C (1) - Laserfiche WebLink

Home Browse Search

6C- (1) Staff Report to Redevelopment Commission South Bend Career Academy — TIF Pledge Resolution Prepared 9/8/11 The pledge resolution is for a total of $1.5 million to be paid over 3 years at 4% interest. The total cost to acquire, renovate, equip and provide for first semester operating cash is $13.9 million. Construction financing has been provided by the Garatoni Family Foundation. End financing is expected to come from various bonds ($9.5 million, including the TIF Pledge), Federal Funding of $150,000, seller financing of $750,000 and private contributions totaling $3.5 million (including $1.0 million from the Garatoni Family Foundation). South Bend Career Academy is a public, vocationally oriented charter school located in the Blackthorn Office Park. It opened in August for grades 7 thru 9 with a target enrollment of 125 students in each grade. Grades 10 thru 12 will be addedsuccessively over the next 3 years. As a public school it will be open without charge to any Indiana resident. Its operations will be funded by state tuition payments beginning in January of 2012. In addition to offering Indiana's "Core 40" academic program, the Career Academy will emphasize project based learning for all grades and will emphasize vocational education for higher grades. The school will share equipment and instructors now used for the adult education programs of the Apprentice Academy. Courses will include precision metalworking, welding, plumbing, auto mechanics, appliance repair, heating and ventilating, advanced manufacturing, entrepreneurship, information technology, retail/business management, business ethics, nursing and phlebotomy. This school is housed in a formerly vacant 100,000 square foot facility and will provide another choice for quality education in South Bend.