Building Block Fund Project

New Vision Charter School Loveland, CO Project Profile: A collaborative partnership between a charter school and Boys and Girls club, enabled by CSDC’s credit enhancement, for new construction of a multi-million dollar, multipurpose facility. CSDC Lease Guaranty: $500,000. The Boys and Girls Club of Larimer County (BGCLC) formed an innovative partnership with New Vision Charter School (NVCS) and agreed to finance the $3.2 million construction of a two-story, 25,000 sq. ft. building for lease with option-to-purchase to NVCS. As an after-hours and weekend operation, BGCLC recognized the value in working collaboratively with a charter school that would operate a daytime program in the same facility – resulting in substantial cost savings and efficiencies to both organizations. At the time, NVCS was a newly chartered school with no proven enrollment or track record of academic results. To mitigate the enrollment risk inherent with any start-up school, the Boys and Girls Club turned to CSDC for a lease guaranty as a condition precedent to constructing the new facility. CSDC provided the critical $500,000 credit enhancement to close the deal. NVCS commenced operations in the new facility in 2006 serving close to 300 students.  Since then, NVCS has grown into a community institution enrolling 450 students in grades K-8. With the tremendous success of, and demand for, the educational program, NVCS qualified for independent financing based on the school’s record of sound business practices and exercised its purchase option from BGCLC within three years.  BGCLC went on to construct its own building, with a gymnasium, cafeteria and computer room that is connected to the school through a breezeway, preserving that collaborative relationship for many years to come. Click here to learn more about CSDC’s Credit Enhancement Services.