Bulloch County commissioners approved a resolution Tuesday allowing the Development Authority of Bulloch County, or DABC, to issue up to $13 million worth off tax-exempt bonds on behalf of Statesboro STEAM Academy to finance construction of its all-new school facility.
The motion by Commissioner Anthony Simmons, seconded by Commissioner Timmy Rushing and approved on a 5-0 vote of the board came after assurances from County Attorney Jeff Akins and the DABC’s attorney Stephen Rushing, as well as in the printed resolution, that county taxpayers will not be on the hook to repay the bonds under any circumstances. Instead, the nonprofit corporation Charter Conservatory for Liberal Arts and Technology Inc., doing business as Statesboro STEAM, will be obligated to repay bond purchasers the principal, not to exceed $13 million, plus interest.
“It is a quirk of federal tax law that simply requires approval of the chief elected official of the local jurisdiction in order for the bonds to be tax-exempt,” Akins said. “And one thing that I would emphasize is that this is not going to be an obligation of the county or the state or the city or any other government jurisdiction. The bonds will be solely paid from the revenue generated by the STEAM Academy.”
The written resolution states that “the proposed Bonds will not be paid from taxes, but will be payable by the Issuer solely from amounts to be paid or provided by the Company,” meaning the nonprofit corporation.
Speaking for the DABC, Rushing said that it is “a statutory development authority … permitted to issue bonds to finance certain projects that promote employment and the general welfare of our county.”
He noted that the authority has provided bonds of this type for a number of projects of the Georgia Southern University Housing Foundation.
Site on the parkway
STEAM’s plans call for an approximately 35,000-square-foot building to be constructed on a 51-acre tract of land at the intersection of Veterans Memorial Parkway and East Main Street. County tax records indicate that Charter Conservatory for Liberal Arts and Technology Inc. has owned the site since July 31, 2018.
The proposed building will feature an “open-air collaborative design,” which, Rushing noted, has always been the approach at the school’s existing, leased facility. That building, at 1718 Northside Drive East, once housed a farm and rural home supply store called Wheeler’s, somewhat like a smaller Tractor Supply. It measures 26,850 square feet, according to Board of Assessors’ records.
“They have grown to the point where that facility is no longer adequate, and they’ve been studying this project whether to build a new facility for quite a while. …,” Rushing said. “Now they’ve finally reached a point where they are ready to proceed.”
The Development Authority had held a hearing on the “Charter School Revenue Bonds” request June 21 after publishing a notice in the Herald. The authority, having determined that project meets the requirements, has agreed to issue the bonds and will use an underwriter firm, which sells bonds to qualified investors, including banks, mutual funds and, in certain cases, individuals, Rushing said.
Future school described
“Key features” of the proposed new building will “include open classrooms, flexible learning spaces, outdoor learning areas, and a modern gymnasium,” states a written description provided to the commissioners.
The classrooms will not have traditional walls, instead “utilizing movable partitions and post and beam elements to create flexible learning spaces that can be easily reconfigured,” the description states. “This design encourages collaboration and interaction among students and teachers.”
Every learning space is proposed to be equipped with “interactive whiteboards, tablets and high-speed internet access.” The gym will feature “a full-size basketball court, volleyball nets and multi-sport flooring,” and the project also calls for outdoor sports fields for soccer, baseball and track, as well as playgrounds, the summary states.
A two-year timeline
The DABC and the county commissioners also received Statesboro STEAM’s “implementation plan” summary giving a preliminary two-year timeline.
Of that, the first six months would be spent on planning by architects in collaboration with the educators and school community, and on securing permits and approvals. Then a full year is projected for construction, from groundbreaking and site preparation to installation of furnishings and technology. A final six months is slated for final inspections, quality checks and staff training on use of new equipment and technology, concluding with a grand opening event and community tours.
Originally called Charter Conservatory for Liberal Arts and Technology, the school opened in 2002 and has always leased and never owned a building. The name “Statesboro STEAM” was introduced with a new charter that was issued 2016, “STEAM” indicating an emphasis on science, technology, engineering, arts and math. School materials now give the full name as “Statesboro STEAM College, Careers, Arts and Technology Academy.”
As a state-chartered school, currently with fifth through 12th grades, the academy receives direct state funding and operates under its own board, entirely separate from the Bulloch County Board of Education schools.