The Public Finance Authority (“PFA”) recently closed on a project that provides $31.3 million bond financing to the Socrates Academy Foundation. The Socrates Academy will pursue an expansion project that “includes state-of-the-art classrooms, specialized facilities, and additional resources to meet the increasing demand for high-quality education in the Charlotte area.”
According to the announcement from Socrates Academy faculty, “Socrates Academy embarked on this financial endeavor to support the expansion of its high school facilities, with a vision to enhance the educational opportunities available to the youth in our community. The bond financing demonstrates the community’s belief in Socrates Academy’s mission and the institution’s ability to deliver on its promises.”
“It is incredible to see how the meaningful work done by Socrates Academy is able to grow and meet community needs, as a result of financing assistance from PFA,” said William Kacvinsky, PFA Board Chair. “Socrates Academy in North Carolina exemplifies projects PFA is proud to work with, as they provide crucial assistance to help the next generation and meet the needs of our local communities.”
PFA partners with local governments to assist in the financing of public benefit projects that create temporary and permanent jobs, affordable housing, community infrastructure and improve the overall quality of life in local communities. In 2021, the Public Finance Authority celebrated more than 10 years assisting in financing public benefit projects that provide local economic development, create jobs, produce state and local tax base, and meet needs of eligible borrower’s state or local issuing authorities may not be able to serve.
PFA was established By Local Government, For Local Government ™, in order to provide local governments and eligible private entities nationwide with access to low-cost, tax-exempt and other financing for projects that are important to the community and contain no risk to the taxpayer. PFA is jointly sponsored by the National Association of Counties, National League of Cities, Wisconsin Counties Association and League of Wisconsin Municipalities.