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Home > News > News Articles > 2018 > March > League-Sponsored Bond Agency Issues $10 Million in Tax-Except Loan for Charter School in Oakland
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League-Sponsored Bond Agency Issues $10 Million in Tax-Except Loan for Charter School in Oakland

March 22, 2018
Some of the most significant benefits of League membership for cities since 1988 have flowed from the League’s co-sponsorship of the California Statewide Communities Development Authority (CSCDA). 
 
CSCDA recently issued $10,000,000 tax-exempt loan for the benefit of Lodestar, a Lighthouse
Community Charter School (Lodestar) located in Oakland.
 
About Lodestar
 
Lodestar Charter School opened in August 2016 and currently serves grades K, 1, 2, 3, 6 & 7. Grades 4 and 8 will be added for the upcoming school year. In each subsequent year, the school will be enrolling new students from kindergarten through 6th grades and continue with that growth pattern until the school has reached 850 students across grades K through 12 in the 2022–23 school year. Dedicated to serving a student population that has been historically underserved by the traditional school system, Lighthouse schools provide a much-needed option for students and their families in Oakland.
 
CSCDA partnered with First Republic Bank to provide the $10,000,000 tax-exempt loan for Lodestar. The loan will be used to acquire and rehabilitate two buildings totaling 35,000 square feet to create approximately thirteen traditional classrooms, eight breakout rooms, two self-directed learning spaces, plus studio space for special programming. The project also includes conference rooms, a multi-purpose/lunch room, teacher’s lounge, teacher workspaces, a nurse’s office, and administrative space.
 
Background
 
CSCDA is a joint powers authority created in 1988 and is sponsored by the League of California Cities® and the California State Association of Counties. It was created by cities and counties for cities and counties. 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 $50 billion in tax exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools and other fundamental services. Visit CSCDA’s website for additional information on the ways in which CSCDA can help your city.


 
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