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The Kingsman Elementary School building stood vacant for nearly a decade, falling into severe disrepair and becoming a neighborhood eyesore. In 2001, CSDC purchased the surplus property from the District of Columbia government and transformed it into a safe, modern charter school facility.
The Richard E. Thompson Kingsman Charter School Campus now houses two independent charter schools that educate almost 500 elementary and middle school children. By co-locating, both schools gain cost efficiencies so that more dollars can be directed toward academic programs. CSDC created its facilities financing program for just this purpose: to help charter schools focus on their true educational mission.
With the Kingsman project, CSDC shows just what such a program can accomplish - for both charter schools and their communities. Tax-exempt bond financing was obtained,
- $8,250,000 tax-exempt revenue bond financing loan for renovation
- 55,000 square feet renovated
- 500 students served
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