Refinancing Of Civic Facility Revenue Bonds Through City Of Albany Capital Resource Corporation To Support Brighter Choice Elementary Charter Schools

October 21, 2021

View announcement’s press release

With interest rates currently more favorable, the refinancing of the Brighter Choice Elementary Charter School’s previously issued tax-exempt civic facility revenue bonds will save the college $168,000 annually and allow the school to further reinvest and support the retention of its 54 existing employees. Located at 250 Central Ave., since 2005 Brighter Choice has been educating elementary school children grades K-5. The proposed refunding will save significant annual debt service for the remainder of the existing bond term, permitting the Charter School to maintain and enhance its learning programs.

On Thursday, the City of Albany Capital Resource Corporation (CRC) board approved The Brighter Choice Elementary Charter School’s application for assistance in the form of refinancing and the reissuance of tax-exempt civic facility revenue bonds totaling up to $15,500,000. The anticipated $38,750 in fees collected by the CRC for the transaction are anticipated to be used to fund future strategic revitalization initiatives.

Since 2010, the City of Albany CRC has served as a resource for Albany’s not-for-profits. In utilizing the local option, the City of Albany CRC, for the issuance of tax-exempt bonds—Capital Region anchor institutions are investing back into the community.

The CRC has consistently utilized fees generated by the projects assisted to support the creation and sustainability of strategic community revitalization programs including the City of Albany Small Business Facade Improvement Program, the Amplify Albany grant program, and the Downtown Albany Retail Grant Program.