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Location: Phoenix, Arizona
Loan #1 Amount: $10.62 million
Loan #2 Amount: $8.5 million
Total School Savings: $8.1 million
School Site: www.goasa.org
Ratings Direct: Arizona School for the Arts
Obligor Summary: Arizona School for the Arts Obligor Summary
Arizona School for the Arts (ASA) – one of Arizona’s first charter schools – opened its doors in 1995 to 155 students in grades 7-10. Since then, ASA has expanded its campus to enroll 850 students in grades 5-12. The school utilizes a unique curriculum that blends rigorous academics and the performing arts, nurturing both artistic and academic minds. Recognized by the Department of Education as an Arizona Civic Engagement School of Excellence, ASA encourages their students to “think critically, communicate successfully and make well-reasoned decisions”. The school has also consistently earned an ‘A’ letter grade representing “excellent performance” from the Arizona Department of Education.
In 2019, EFF provided a $10.62 million, fixed rate, 30-year loan to ASA to advance refund bonds that financed the acquisition, expansion and renovations of its campus, saving the school approximately $3.8 million over the loan term.
In 2020, EFF provided ASA with an additional $8.5 million loan to refund bonds that were used to expand and renovate the school’s campus in 2011. This loan will save the school an additional $4.3 million compared to alternative financing options.
“The Equitable Facilities Fund provided Arizona School for the Arts with an unprecedented opportunity to refinance and dedicate more of our resources where they make the most impact – toward our Mission to provide innovative college preparation infused with the performing arts. Using the savings, ASA can now look to the future to create more noteworthy opportunities for our students and support our incredible faculty. The EFF team were knowledgeable and easy to work with. They fit right into our orchestra – skillfully playing their part so that we can play ours!”
**– Leah Fregulia, Head of School & CEO, Arizona School for the Arts **