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| MPA Leadership with OFCC Representatives |
We are thrilled to share some
additional information regarding progress with our new school building and the
recent grant award from Ohio Facilities Construction Commission (OFCC)! While
we were certainly excited to be one of the first recipients of grant from this
program, it does increase the complicated nature of our financing package. In
order for us to determine the best path forward, about fifteen members of our
finance and legal teams met with the Ohio Facilities Construction Commission
(who traveled up from Columbus) on September 7th to confirm that the
grant award is in alignment with our complicated financial plan for the
construction, most importantly the millions of dollars in tax credits. The OFCC
is very excited about our project and we were happy to learn that they are
indeed flexible in terms of our plan’s compatibility with their expectations. While
the addition of these funds adds some additional work and time to our progress,
it will provide a boost to the overall package that will allow us to achieve
more of what we envisioned for the final product in the building. This was a
great meeting and a huge affirmation to receive their approval.
From there, the group went to view
the new building. Everyone envisioned together with excitement our
transformation of the space into the premier 21st-century learning
facility in the greater Cleveland area and beyond. We are working through the
final details of the grant agreement to make sure the agreement gets in front
of the State Controlling Board next month - thereby not impacting our schedule..
Good news all around! Stay tuned
for more updates.
