Increases in available charter school funding and changes in lease aid may impact your charter school.
Lease aid for fiscal year 2014 and beyond has been impacted with the Minnesota Department of Education’s new requirement that charter schools include an “escape clause” in leases, both new and by amendment to existing leases. The intention of this change is to prevent landlords from participating in charter school close down funding allocations in the instance that a school is either terminated or does not receive renewal. There is concern within the commercial real estate community that this change may jeopardize charter schools’ entitlement to lease aid. There are currently efforts being made to reverse the decision to include this clause in charter school leases but at this time, the outcome is uncertain.
Finally, the Minnesota Department of Education has received approximately $20M in funds for dispersal to high-performing schools currently serving increased percentages of free and reduced lunch-eligible students. The application process for these grants is scheduled to begin as early as November 1st. Application forms can be accessed on MDE’s site.
We’ll continue to share additional information in support of Minnesota charter schools, charter school working capital financing and identify opportunities for charter school facilities funding.
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