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$5.5 million private bond OK’d for Einstein Academy

Posted: September 26, 2012 6:11 p.m.
Updated: September 26, 2012 6:11 p.m.

Santa Clarita officials approved the issuance of a $5.5 million private bond for Albert Einstein Academy by the California Statewide Communities Development Authority, officials said Wednesday.

The move was a formality required by the IRS, and city officials have no responsibility or liability regarding the money, officials said.

“The state code requires the jurisdiction in which the project is (located) must have a hearing, and in this case, the city has oversight of the jurisdiction,” said Gail Ortiz, city spokeswoman.

The fact that the hearing took place at a City Council meeting Tuesday night does not put any funding obligation on city taxpayers, Ortiz said. It was merely a governmental requirement, she said.

A staff report was waived at the meeting.

“It’s a technicality that the city needs to acknowledge that we’ve taken out a private bond going toward the purchase of the building so that we will own the facility outright,” said Jeffrey Shapiro, executive director for Einstein Academy’s supporting foundation, which took out the bond.

The bond was not to assume new construction; it was to repay the costs for a 6,500-square-foot expansion recently undertaken by the Einstein Academy’s seventh- to 11th-grade facility, which is located at Kelly Johnson Parkway in Valencia.

The bond, which was taken out in the foundation’s name, also will help school officials pay for a recently added elevator, 11 news classrooms and a science lab, according to Kevin Korenthal, spokesman for the school.

The school is adding a 12th grade next year and currently awaiting approval on its charter petition for a kindergarten-to-sixth-grade school from Saugus Union School District officials.

A response to the charter petition is required within 60 days of Aug. 27, the date the petition was submitted, according to state law.

If approved, the K-6 facility would definitely be located on another site, according to Shapiro. School officials are still debating several different locations, he said.




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