Pine Lake Prep buys campus for $20 million
by Staff Writer
The school had been leasing the property at 104 Yellow Wood Circle since it was built in 2007, and used tax-exempt bond financing to buy it last week
“Funding for facilities continues to be one of the foremost challenges charter schools in North Carolina, and in the nation, face,” North Carolina Charter School Alliance President Eddie Goodall said in a news release. “Pine Lake Preparatory has been fortunate to partner with a forward-thinking financial institution and take advantage of the tax-exempt bond opportunity. Hopefully, other charter schools and financial institutions will be inspired by the success of this story and pursue their own facility financing solutions.”
North Carolina charter schools do not receive state or local funding for land, buildings or other facility needs for their students. All facility funding comes from the operational budget charter schools receive based on the per pupil enrollment at each school.
Pine Lake, a 2010 North Carolina Honor School of Excellence, serves almost 1,500 students and has three academic buildings – one lower, one middle and one upper school – with plans to build three additional buildings – an athletic and community center, a fine arts building and a research and technology facility – in the coming years.
For information on Pine Lake Preparatory, contact Community Relations Director Leslie Kidder at email@example.com, or visit the school’s website at www.pinelakeprep.org