In December 2018, Benjamin Franklin Charter School – Queen Creek issued $72,330,000 in tax-exempt and taxable bonds through the Maricopa County (AZ) IDA. The purpose of the financing was to allow BFCS – QC to acquire certain assets from a for-profit charter school entity, Benjamin Franklin Charter School (BFCS).
BFCS had been in operation for 24 years, since 1995. It had leased four campuses which had been financed and built by the for-profit charter holder. Those campuses’ enrollment now totals just over 3,000 students, and are comprised of three K-6 campuses totaling about 2,000 students, and one 7-12 campus totaling just over 1,000 students, all located in the southeast Phoenix metropolitan area. This financing allowed BFCS-QC to acquire those campuses, and fund construction of a new performing arts facility at the high school. Upon the closing of the transaction, the charter contract formerly held by the for-profit was transferred to BFCS-QC as approved by the AZ State Board for Charter Schools. Virtually all school leadership and all the teaching staff will remain with the new non-profit: continuity of operations was a key component of this transaction, given the successful 24-year operating history of the schools. BFCS has historically maintained A ratings under the AZ A-F Accountability Grades system, which is why continuity was so important to the transaction.
Buck Financial served as Financial Advisor on the transaction. Robert W. Baird served as underwriter, Squire Patton Boggs LLP served as underwriter’s counsel, and Engelman Berger, P.C. served as bond counsel. Congratulations to the students, families and staff at BFCS-QC! As the saying goes: “plus ça change plus c’est la même chose.”