Low Cost, Tax-Exempt Financing Provided for the Making Waves Charter School
Mar 31, 2017
The CMFA issued $45,000,000 in tax-exempt bond financing. The proceeds of the Bonds will be used by Makin Waves Charter School to: (a) renovate the existing three (3) buildings comprising the Making Waves Academy high school campus located at 4123 Lakeside Drive in Richmond, CA, comprising approximately 99,000 square feet of building space;
(b) construct and equip a new two story school building comprising approximately 47,000 square feet of building space, a new one story gymnasium building comprising approximately 21,500 square feet of building space and a new sports field adjacent to the existing Making Waves Academy high school campus at 4075 and 4123 Lakeside Drive in Richmond, CA, to serve such high school campus, and associated parking;
(c) construct and equip a new middle school campus directly northeast of the existing high school campus at 2925, 2930, 2975 Technology Court, and 4301 and 41754197 Lakeside Drive in Richmond, CA, consisting of (i) a new two story school building comprising approximately 72,500 square feet of building space, (ii) a new two story school building comprising approximately 39,000 square feet of building space, (iii) a new one story gymnasium building comprising approximately 25,000 square feet of building space, (iv) a new sports field, and (v) associated parking;
(d) construct and equip a new sports complex at 2600 Hilltop Drive, Richmond, California approximately a mile south of the Making Waves Academy consisting of approximately 13 acres of land which will contain sports fields, baseball facilities and a swimming facility (the items described in paragraphs (a) through (d), collectively, the “Project”);
(e) prepay a 2009 taxable loan from Mechanics Bank Community Development Corporation, the proceeds of which were used to construct and equip two buildings located at 4123 Lakeside and 4131 Lakeside in Richmond, California, currently leased to Making Waves Academy for its administration department and upper school multi-purpose/kitchen/classrooms (the “Mechanics Bank Loan”); and
(f) prepay a 2014 taxable loan from First Republic Bank, the proceeds of which were used to repair, update and remodel 4123 and 4131 Lakeside Drive and acquire properties at 4301 Lakeside Drive, 2925 and 2930 Technology Court and 2600 Hilltop Drive (the “First Republic Bank Loan”).