New High School To Expand KIPP Capital Region Public Charter Schools Network In The City Of Albany
May 16, 2024
With support from the City of Albany Capital Resource Corporation (CRC), financing made possible with the issuance of tax-exempt bonds will support KIPP Capital Region Public Charter Schools (KIPP) — allowing the charter school network to invest in the design and construction of a new more than $50 million, three-story, 98,000 sq. ft. educational facility to be located at 400 Northern Blvd in Albany.
The new facility will be home to KIPP’s grades 9 through 12, serving approximately 800 Albany high-school students. The financing will support at least 28 existing and 61 new jobs.
On Thursday, the City of Albany CRC board approved KIPP Capital Region Public Charter School’s application for assistance in the form of the issuance of tax-exempt bonds totaling up to $61,750,000. The transaction brings up to $617,500 worth of investment to the City of Albany as the CRC board may utilize administrative fees collected as funding for future strategic initiatives.
Since 2016 the CRC has utilized funds to support multiple strategic community revitalization initiatives including the City of Albany Small Business Façade Improvement Program; the Amplify Albany, Downtown Albany Retail and Neighborhood Retail grant programs administered by Capitalize Albany Corporation.
Since 2010, the City of Albany Capital Resource Corporation has served as a resource for Albany’s non-profits, and area institutions. In utilizing the local option, the City of Albany CRC, for the issuance of tax-exempt bonds — Capital Region institutions are investing back into the community.
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