Newark Charter School will go before Delaware’s Council on Development Finance to get $18.5 million in low-interest state bonds to finance their controversial expansion.
It would be the first charter school to use state-backed bonds to fund a capital improvement project.
The Wilmington News Journal reports that the Delaware Military Academy was denied access to such state financing five years ago.
Newark Charter school would use the money to help buy 20.7 acres on McIntire Drive in Newark and convert an abandoned warehouse into a 122-thousand square-foot school for grades 7-through 12th grade.
Estimated enrollment would be 25-hundred students by the end of the year.
The Council oversees business grants and loans made by the Delaware Economic Development Office.
