The Town of Hempstead’s Local Development Corporation has given preliminary approval for the sale of $72 million in tax-exempt and taxable bonds to assist the Evergreen Charter School construct and equip a new classroom building.
Evergreen, located in Hempstead, plans to construct an 85,000-square-foot classroom building on 1.41 vacant acres at 27-33 and 27-39 Laurel Ave. and 495 Peninsula Blvd. in Hempstead that will be used by 750 students in grades 7 through 12. The Peninsula Boulevard property has a 15,000-square-foot warehouse that will be used for parking.
The school will add 35 full-time-equivalent jobs within three years of the project’s completion. About 250 construction industry jobs are expected to be created, according to an LDC statement.
Evergreen offers free bi-lingual education as an alternative to the Hempstead public school system. It currently serves students in grades K through 10 and has been approved to expand to serve students K through 12 for the 2023-2024 school year.
The LDC provides low-interest, tax-exempt bond financing to nonprofits, educational institutions, hospitals, civic entities and charitable organizations within the town.
The bonds will be repaid with the rent payments paid by the school to a new school support organization, Friends of ECS, which is seeking tax-exempt status. The bonds are to be underwritten by Robert W. Baird, of Milwaukee, which has assisted charter schools and charter management organizations on more than 280 charter school financings nationwide.
“This bond sale will benefit hundreds of the children enrolled in the Evergreen Charter School by allowing the school to expand to accommodate its growing enrollment,” Fred Parola, CEO of the Hempstead LDC, said in the statement.