Deal Finalized To Purchase Current Facility and Land

  • Posted on:  December 28, 2018

Dear HPA Families,

High Point Academy | Spartanburg, SCHigh Point Academy Spartanburg, is excited to announce the school has finalized a historic deal to purchase its current building and the surrounding land. On December 20, 2018, the school, acting through its Board of Directors, closed on the issuance of South Carolina Jobs-Economic Development Authority Educational Facilities Revenue Bonds in the principal amount of $26,895,000. In addition to acquiring its existing campus, the new issuance will allow High Point Academy to make necessary capital improvements to its school facility.

 

In connection with the bond issuance, High Point Academy became the first charter school in South Carolina to receive a credit rating (Ba1) through Moody’s Investors Service and only the second charter school in the state to receive a credit rating. Achieving the rating through Moody’s is a testament to the rapid growth and success of the school and resulted in significant interest cost savings worth millions of dollars over the life of the loan. In November, the Board also received a clean audit report through Martin-Smith and Company, CPA, demonstrating a strong financial stability an essential step toward ownership.

 

“For as long as HPA has occupied our current facility, we have been under a lease agreement. It has always been our goal to purchase the facility and make it our own. Several accomplishments came together this fall which have made this dream a reality,” said Matt Nestberg, High Point Academy Board Chair.”

 

In 2019, High Point Academy will begin construction on several projects, including the construction of a new kitchen facility, which will allow the school to serve meals to its students better, and the construction of a new gymnasium for physical education classes and school athletic events. Several other projects are now fully funded, and construction will begin in early 2019.

 

“We are thrilled with the exciting advances that HPA has made this year; we expect many more great things to come,” added Nestberg.  As always, we value parental participation and involvement at HPA. We hope to see many of you at future Board meetings to see how your school board is serving HPA’s families.

 


High  Point Academy Spartanburg is a free public charter school that is community-centered built on the principles of honor, integrity, and service where academic excellence, STEAM (science, technology, engineering, arts, and math) education, and a project-based, applied learning instruction builds tomorrow’s leaders. Visit hpaspartanburg.com for a complete overview and all of High Point Academy Spartanburg news and High Point Academy Spartanburg reviews. Through a partnership with family and community, each student will strive to achieve their highest potential academically, socially, and personally.

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