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Location: New Port Richey, Florida
Loan Amount: $10.6 million
School Savings: $3.0 million
School Site: https://dayspring.academy
Ratings Direct: Dayspring Academy Charter School
Obligor Summary: Dayspring Academy Charter School Obligor Summary
Founded in New Port Richey, FL in 2000, Dayspring Academy serves 911 students in grades PK-12 and has a mission to “to prepare learners of Pasco County for high school, college, and for the workforce by delivering a world class education through the arts in a collaborative environment fueled by a passion for learning.” Dayspring’s vision is to “create an education family, which develops character driven, culturally literate, life-long learners who bring value to their community.” Dayspring’s committed teachers and leaders provide a high-quality education option to New Port Richey’s families, and in 2018-2019 the school outperformed both state and host district proficiency rates in every grade tested. Dayspring is also one of only 16 schools in Florida with a 100% high school graduation rate.
Dayspring will use proceeds from the $10.6 million loan from EFF to refinance’s existing debt and construct a new 22,000 square foot high school facility.. The 30-year, fixed-rate loan that will save the school over $3.0 million compared to alternative financing options.
“Equitable Faculties Fund has been an amazing finance and construction strategic partner for our school and our whole community. EFF provided the necessary capital for the expansion for a new elementary school campus, a new Early College High School campus, and refinanced our existing mortgage to a much lower rate, allowing more funds to flow to the classroom. The mission, dedication, and professional of the whole EFF team has allowed our team to focus on what mattered most, students and student achievement. We are forever grateful for our partnership with Equitable Faculties Fund.”
– John Legg, Chief Financial Officer, Dayspring Academy Charter School