see next section

Dr. Davis presented:

• We just started the 2nd semester and have been busy making sure students are signed up for the right courses, and getting out the report cards.  We are checking the list twice for graduation requirements, scholarships and interviews.
• One senior has received early acceptance to Meredith with a significant scholarship. 
• We are keeping up with the dollar amounts that students have been offered. 
• Mr. Nijhout-Rowe was selected to create and test curriculum that aligns with changes to the national AP Computer Science course.
• It is the season for tours.  We have a tour scheduled for this Thursday for the public, January 21st during the day for 8th graders and February 1st for the Expedition School.  We have flipped the model to have high school students lead the tours. This will allow for small group tours with a panel at the end for questions.
• David Barr and Allie Miner have earned seats with All District Band. Lauren Potts and Joseph Barr also had strong auditions and were right in the middle of the audition results, but weren't quite high enough to win seats.

Ms. Bair presented:

• Fall EOC Test Results:  Math I 69%, Math III 70% and Biology 74%. We are still waiting on English II scores. (Better than state and Orange County scores.)
• Random Acts of Kindness Week: PATH is spearheading this during the week of February 9-15.
• 2019 Charter Performance Framework- We received our report from NC DPI and we were compliant and met our target goals including exceeding growth. This report grades us on things such as testing and accountability policies, instructional hours, admissions and lottery requirements, ADM funding, etc.
• Benchmarks K-8: We are in the process of administering benchmarks in K-8. We will have a data meeting on February 19th to go over results and work on strategies.
• Lottery and Letter of Intent: The lottery opened on January 6th and we currently have almost 600 applications K-12. Letters of Intent for current families are due by the end of June.

postponed

postponed

We are in a holding pattern with the bank.  There is a bond brokering group out of Denver that we are speaking with about financing options.  They have done 4 financing rounds for Voyager. 
Eric Duran and Maggie Mirsky (Bankers with DA. Davidson and Company) presented.
Eric summarized by saying:

• 35 year debt 100% financing
• eliminate the need for a federal 501c3 and can issue the obligation under the NC nonprofit
• environmental report came back very favorable 
• additional funds for soccer field 
• close the financing in March

A mature school would get a better interest rate because of their historical credit profile
A- is the highest rating for Charter schools (53,000 students)
Eno River fits between a BB+ and a BBB- rating.

Next steps include 

• adopt a reimbursement resolution
• execute engagement letter
• DA Davidson provide due diligence request list
• Begin Credit Rating Process

Group discussion after presentation:

• If we decide not to move forward with USDA loan, we would be responsible for the appraisal fee of the building and the attorney fees for the USDA.
• There is a new USDA annual fee of $280,000 that has been implemented.  
• USDA was a 40 year loan with the bank and the bond is for 35 years
• The interest rate is fixed for 10 years and up for negotiation for the USDA, and fixed for life of loan with bond.
• Acadia has worked with them before and is comfortable with them.
• Relieved that there is a debt service account.  In the past there has been a several month gap before the state paid charter schools and the state can lower per student money.  Having an extra cushion allows us to sleep better at night.
• The bond offers a line of credit to continue school improvement without having to get additional loans
• Our attorney Chris has reviewed the paperwork and feels that it is a "no-brainer" based on whats going on with the bank.

postponed

postponed

postponed