Last month the Local Initiatives Support Corporation (LISC) published a report entitled the 2014 Charter School Facility Finance Landscape. The report “provides an updated snapshot of the charter school facility financing sector, including private philanthropies and nonprofit organizations active in the sector, information on charter school access to the tax-exempt bond market, federal policies supportive of charter school facilities and state policies in all 43 jurisdictions with a charter law.”
- According to the Report Minnesota is:
one of 13 jurisdictions with per pupil funding for facilities,
one of 36 jurisdictions with Conduit Bond Issuers,
one of 38 jurisdictions with QZAB Eligibility*, and
one of 36 jurisdictions with QSCB Eligibility *.
* No charter schools in Minnesota have accessed financing through either QZAB or QSCB programs.
Bond Issuance in Minnesota – 2012-2014
The report also lists Charter School Bond Issues in each state for the period of June 1, 2012 – May 1, 2014. In Minnesota, during that period, there were twelve (12) bond issues for charter school through local governments including; the cities of Minneapolis, Woodbury, Ramsey, Deephaven, Forest Lake, Baytown Township, Anoka County and the Housing and Redevelopment Authority of St. Paul.
The 12 bond issues amounted to $133,295,000.00. Piper Jaffray and Dougherty & Company LLC each were the lead underwriters on six (6) of the twelve bond issuance.
Link to report
The 2014 Charter School Facility Finance Landscape is the fourth report in a series of studies LISC has published since 2005. LISC has also published a companion report, Charter School Bond Issuance: A Complete History Volume 2. According to that report there were 30 bond issuances through local governments in Minnesota prior to the June 1, 2012.
COMMENT: The Association is drafting legislation to deal with charter school facility ownership and related facility issues for the 2015 legislative session.