Springfield, MA – MassDevelopment has issued a $13,350,000 tax-exempt bond on behalf of the Friends of Springfield Preparatory Charter School, Inc., a nonprofit affiliate of Springfield Preparatory Charter School.
The school, which will move to its new 43,755sf building in Springfield in 2021, will use bond proceeds to renovate the facility to accommodate the addition of grades 7 and 8 and welcome another 108 students.
Renovations to the building will include upgrading the building envelope and systems, constructing new classrooms, breakout rooms, administrative offices, a cafeteria, and educational spaces, and modifying existing parking, walkways, roadways, and landscaped areas.
Springfield Prep will also use bond proceeds to construct an approximately 6,825sf gymnasium that can also function as assembly and school gathering space, to buy and install equipment, and to refinance debt used to acquire the property. Boston Private Bank purchased the bond, which MassDevelopment enhanced with a charter school loan guarantee.
Chartered in 2015, Springfield Preparatory Charter School began operating in space leased from Veritas Preparatory Charter School in Springfield with 108 students in kindergarten and first grade. As additional grades were added, the school required more classroom space and relocated to its current location in Longmeadow, where it serves 380 students in kindergarten through sixth grade.
Springfield Prep’s charter was renewed in February 2020, which authorizes 486 students from Springfield to attend the school. Springfield Prep’s mission is to be an inclusive public charter school for students in kindergarten through eighth grade that prepares all students for success in high school, college, and life through a focus on rigorous academics and character development.