Agenda - Council - 08/13/2013 - Laserfiche WebLink

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2. THE FACILITY AND THE SERIES 2013 PROJECT Proceeds of the Bonds will be used to : (i) refund the Issuer's Lease Revenue Bonds (PACT Charter School Project), Series 2004 which previously financed the existing school facility at 7250 E. Ramsey Parkway (the "Schoolhouse") in the City of Ramsey, Minnesota (the "City") operated by the PACT Charter School, a Minnesota nonprofit corporation (the "School"); (ii) fund a debt service reserve fund; and (Ill) pay the costs of issuing the Bonds (the "Project"). The Schoolhouse will be owned by the Company and Icased to and operated by the School. 3. THE SCHOOL PACT Charter School, a public school of choice committed to sound governance and financial stability, was launched in 1994 as a K-8 school of 84 students. Since its inception, the school has grown to serve over 640 students spanning grades K-12, with students on a waiting list. (i) Vision Statement It is the primary vision of PACT Charter School to partner together as parents, students and teachers in providing an innovative model of educational excellence for all students. (ii) Mission Statement In reaching our vision, it is the mission of PACT Charter School to: Prepare students for college & life-long learning; Promote positive character development; and Pursue a community atmosphere of mutual respect (iii) Profile and History In 1994, a small group of parents and teachers in the Anoka area developed a vision for a charter school that would combine excellence in public education with dynamic parent involvement. That vision became PACT (Parents Allied with Children and Teachers) Charter School. PACT opened its doors in September of 1994 to 84 students in grades K-8. Today, PACT serves approximately 640 students in Kindergarten through 12th grade. PACT is currently housed in a 74,000 square foot facility in Ramsey, MN as part of a planned community called Ramsey Town Center (now The COR). The facility combines all school functions and programs into one building, which is central to achieving the school's mission. This facility is built symmetrically around a core of common or shared rooms that serve the entire school with the elementary classes (grades K-6) on one side of this core and the secondary classes (grades 7-12) on the other. The facility has been built for PACT and leased with a renewable contract from PCS Building Company. Initially PACT entered into a charter contract with the Anoka- Hennepin county school district as a K-8 school. Each year a grade was added, however, and the school switched A-11