Two schools – a charter school and a college – are looking to refinance some of their bonds issued by the Erie County Industrial Development Agency to lower their interest expenses.
Global Concepts Charter School is asking the Erie County Industrial Land Development Corp. – an ECIDA affiliate – to issue $7.7 million in new tax-exempt bonds. The proceeds would be used to repay "all or a portion" of the tax-exempt bonds that the IDA issued in 2007 to help pay for the school's facility in Lackawanna.
The K-8 charter school bought a 6-acre parcel at 985 and 1001 Ridge Road, with an existing 68,000-square-foot former Kmart store building. It then added a 6,400-square-foot gymnasium and a 2,450-square-foot expansion for more classrooms, a cafeteria, an auditorium and a library and media center.
Medaille College also is asking the Erie County ILDC to issue $10.5 million in new bonds to repay three sets of IDA bonds that were issued in 2010. That debt was used to build a 17,000-square-foot addition to Huber Hall and renovate it for use as a "Student Success Center." It was also used to construct a 20,000-square-foot addition to the Sullivan Campus Center while renovating it for use as a dual gymnasium and other education purposes.
The earlier money also helped refund a $4.245 million 2000 bond that was used to pay for construction of a 36,000-square-foot dorm, with 136 beds, after demolishing an existing structure.
Public hearings on both will be held at 9 and 9:30 a.m., respectively, on July 20 at the ECIDA office, 95 Perry St.