East Boston-based Friends of Excel Academy Charter Schools Inc., a nonprofit affiliate of Excel Academy Charter Schools, has purchased a 19,210-square-foot school building in East Boston from the Archdiocese of Boston.
The acquisition funds were provided in part through $5 million in proceeds from a Qualified Zone Academy Bond (QZAB) and tax-exempt bond issue from MassDevelopment.
The building was the former home of the St. Mary of the Sea School and an adjacent convent. Excel’s plans call for the demolition of the existing convent, the complete renovation of the existing school building, and the construction of a 2,000-square-foot addition.
The new building will offer more traditional school amenities including larger classrooms, a 1,500-square-foot multi-purpose space, designated space for a computer lab and elements designed to support special education, English-language learner populations and extra-curricular programming, according to a statement. Construction is slated to begin in October, and the new location will open for the 2012-13 school year. Boston Private Bank & Trust Co. purchased the bonds.
MassDevelopment issues QZABs for school renovations and upgrades in certain qualified school districts. QZABs can be issued as either taxable bonds with a direct subsidy from the U.S. government or as tax-credit bonds whereby the federal government provides a tax credit to the bondholder in lieu of the issuer paying interest to the bondholder, making these bonds the equivalent of interest-free financing.
"In less than a decade, Excel Academy has received high marks for its college prep curriculum," said MassDevelopment President and CEO Marty Jones. "The School hopes to open more facilities in the coming years to meet growing demand, and this financing puts Excel on track to expand its rigorous programs."
Excel Academy Charter School is a tuition-free public middle school serving more than 200 students in grades five through eight. Most students are from East Boston and Chelsea, and speak a language other than English at home.
