Hempstead Local Dev. votes preliminary approval bonds to aid Evergreen Charter School

Hempstead, NY Frederick Parola, chief executive officer of the town’s Local Development Corp. (LDC), said the agency has given preliminary authorization to a proposed sale of $72 million in tax-exempt and taxable bonds to assist the bi-lingual Evergreen Charter School construct and equip a new classroom building.

The LDC, which provides low-interest, tax-exempt bond financing to not-for-profits, educational institutions, hospitals, civic entities or charitable organizations within the town, voted to give a preliminary okay for the sale at its meeting on June 21.

The proposed bond sale is subject to a public hearing, final LDC approval and approval by town supervisor Donald Clavin.

“This bond sale will benefit hundreds of the children enrolled in the Evergreen Charter School by allowing the school to expand to accommodate it’s growing enrollment,” said Parola.

Evergreen offers free bi-lingual education as an alternative to the struggling local public school system. It currently serves students in grades K-10 and has been approved to expand to serve students K-12 for the 2023-2024 school year.

Evergreen plans to construct an 85,000 s/f classroom building on 1.41 vacant acres at 27-33 and 27-39 Laurel Ave. and 495 Peninsula Blvd. that will be used by 750 students in grades 7-12. The Peninsula property has a 15,000 s/f warehouse that will be used for parking. The school will add 35 full-time-equivalent jobs within three-years of the project’s completion. About 250 construction industry jobs are expected to be created.

Evergreen also has classrooms at various buildings which it leases or owns in Hempstead.

The bonds will be repaid with the rent payments paid by the school to a new school support organization, Friends of ECS Inc., which is seeking tax-exempt status. There is no out-of-pocket expense to town taxpayers.

The bonds are to be underwritten by Robert Baird, of Milwaukee, which has assisted charter schools and charter management organizations on more than 280 charter school financings nationwide.

Currently, Circulo De La Hispanidad, a not-for-profit associated with Evergreen, has about $15 million of outstanding tax-exempt bonds through the LDC.