By Dave Lucas
http://stream.publicbroadcasting.net/production/mp3/wamc/local-wamc-935994.mp3
Albnay, NY – Charter Schools continue to be a hot issue in Albany. The city's economic development panel is being urged to reject a bid by the new not-for-profit Charter Facilities Finance Fund to purchase the Albany Leadership Charter School for Girls. The Finance Fund is seeking $15 million in tax-free public financing to buy the charter school from the Brighter Choice Foundation. Capital District Bureau Chief Dave Lucas reports
The new girls high school along Albany's Hackett Boulevard just opened in September. CFFF's plan entails selling tax-exempt bonds to private investors, and use the money to buy the school from Brighter Choice for around 10 million dollars. Brighter Choice would lease the building back after using the proceeds of the sale to restore its private line of credit. Citizens and officials question how such a move could benefit the community.
CFFF is attempting to acquire most of the buildings housing Brighter Choice's 11 schools in Albany. Proponents say this would empower the Finance Fund to avail itself of lower interest rates and ultimately help Brighter Choice out of the red. CFFF is further seeking an exemption from more than $200,000 in mortgage recording taxes that would go to the state, city and Capital District Transportation Authority. City Treasurer Kathy Sheehan points out that the mortgage tax represents Albany's only chance to derive any tax revenue from their presence in the city.
CFFF is also seeking millions in tax-free financing to build new boys and girls middle schools on Elk Street, something 10th ward city common council member Leah Golby is against. Golby argues there are existing buildings throughout the city available to choose from.
Neither the Albany City School District nor the Brighter Choice Foundation returned calls in time for broadcast.