DMPED: October 11, 2001 - Press Release

(Washington, DC) On October 1, 2001, the District closed a $6 million tax-exempt revenue bonds issue to finance improvements at The SEED Public Charter School through its revenue bond program. Phase I of the project included the complete renovation of the school's main academic building and construction of the first dormitory. Bank of America provided a $7.6 million construction loan to finance this first portion of the development, the largest loan to date to a District charter school. A portion of the proceeds from the proposed bond issuance will be used to refinance the loan.

Phase II of the project involves the construction of a 46,000-square-foot dormitory to accommodate another 150 students. Ultimately the campus will house a total of 300 students and 50 staff members. The completion of phase II is anticipated for fall 2002.

The SEED School is the first urban public boarding school in the nation where children from difficult circumstances can enjoy a secure and nurturing learning environment. Students attend classes from 8:00 am to 4:00 pm, five days a week. Each afternoon, teachers and volunteers review material covered in classes and assist students with their assignments. After dinner, SEED students enjoy activities including drama, debate, dance, and art. On Saturdays and Sundays, activities include field trips and cultural excursions.

"While our nation continues to grieve, it is time for America to get back to business," commented Mayor Anthony A. Williams. "This deal is a clear sign that the fundamentals of our economy are still strong, and that we're pressing ahead with the city's priorities—like improving the quality of education for our young people."

About the Revenue Bond Program:
The District's Revenue Bond Program is a Congressionally-authorized development function similar to that exercised by states and municipalities throughout the United States. After 3 years in office, the Williams Administration has issued more than $2.6 billion in bonds for capital projects involving 63 District businesses and institutions. In fiscal 2001, the District has already funded an additional 17 projects valued at $740 million. More financing requests are expected before the end of fiscal year 2002.