CSCDA Issues $6,850,000 in Tax-Exempt Bonds for Discovery Charter Preparatory School
December 15, 2016
The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of $6,850,000 in tax-exempt bonds for Discovery Charter Preparatory School (Discovery Prep) located in the Pacoima area of Los Angeles, California.
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About Discovery Prep:
Discovery Prep is an independent charter school, chartered in 2002 by the Los Angeles Unified School District. Discovery Prep has an anticipated enrollment of 280 students in grades 9‐12 for the upcoming 2016-17 school year. The school is WASC accredited and serves many students from an economically challenged background. Many students entering Discovery Prep have academic skills below their grade level, however, the School’s academic results and graduation rates far exceed their immediate competition. Of the 59 students in the 2015‐16 graduating class, for example, 31 are expected to matriculate to four-year universities.
About the Financing:
CSCDA partnered with the investment bank Ziegler to provide the $6.85 million in tax-exempt bonds for Discovery Prep. The bonds will be used to acquire new educational facilities located on 3.8 acres and comprised of 28,000 square feet of classroom space in the nearby Los Angeles area of Sylmar.
CSCDA is a joint powers authority created in 1988 and is sponsored by the California State Association of Counties and the League of California Cities. More than 500 cities, counties and special districts are program participants in CSCDA, which serves as their conduit issuer and provides access to efficiently finance locally-approved projects. CSCDA has issued more than $57 billion in tax exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools and other fundamental services.
For more information about CSCDA, please visit: www.cscda.org
For more information about Discovery Prep, please visit: www.discoveryprep.org
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