As part of a nearly $11 million project, Detroit Edison Public School Academy recently acquired its elementary school facility. Owning instead of renting will save the charter school about $570,000 and create a surplus in its operating budget.
Detroit Edison Public School Academy will increase its preschool through 12th grade program by 100 students and hire 20 new full-time employees. The project also included acquiring a closed Detroit Public Schools facility and converting the property into a sports complex that will include a field house, athletic fields, and a parking lot.
The charter school is using $10.6 million in loans from IFF and Capital Impact Partners for the project. IFF and Capital Impact Partners are providing financing through the federal government’s CDFI Bond Guarantee Program. Other funding sources include a grant from LISC’s National Football League program.
Serving 1,500 students, Detroit Edison Public School Academy has been in Detroit’s Eastern Market area since 2005. With an academic program that incorporates the growth and development of the whole child, Detroit Edison Public School Academy is one of the highest performing schools in Detroit, with reading and math scores that challenge schools on a national level.
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