Tag Archive | "Charter Schools USA"


Charter Schools USA Lands Third Multi-Million Dollar Loan Since 2010

December 5, 2012

Originally published: December 2, 2012

By: Bob Sikes – Scathing Purple Musings

From MELODIKA.net:

Ziegler, a specialty investment banking firm, is pleased to announce the successful closing of a $59,320,000 Series 2012 Bond issue for Renaissance Charter School, Inc. (Renaissance). This 2012 financing is the third for the borrower which includes a Series 2011 $89,235,000 issue and a Series 2010 $68,200,000 issue.

Renaissance) is a Florida 501(c)(3) that holds charters for 20 operating charter schools that enrolled over 14,000 students in fall 2012. This includes six schools that opened in fall 2012, including the four schools included in the Series 2012 bond financing. All schools are managed by Charter Schools USA (CSUSA), an Education Management Organization based in Ft. Lauderdale.

The current 2012 financing will fund acquisition and refinancing of four charter school facilities, including one in Tallahassee, two in the Orlando metropolitan area, and one in West Palm Beach. Two of the facilities were purpose built for the schools, with two others being existing facilities that were completely retrofitted for use by the schools. All of the facilities are completed and occupied. All four of the schools opened in fall 2012, with each meeting its enrollment goals and maintaining a waitlist.

Without commenting and engaging in jihad over for-profit charter schools, its most important to point out that the confidence from the financier in Charter Schools USA comes from the amount of money it receives from taxpayers.  CSUSA’s CEO Jonathan Hage was on Rick Scott’s education transition teams and maintains a close relationship with Jeb Bush’s foundation and has provided funding. Hage also donates heavily to state republican legislators.  While Hage’s charter schools routinely earn high grades, the secret to their success is in a focus on test preparation.

Entire article: http://bobsidlethoughtsandmusings.wordpress.com/2012/12/02/charter-schools-usa-lands-third-multi-million-dollar-loan-since-2010/

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Pinellas Superintendent Recommends Closure of Charter School Belonging to Rick Scott Crony

July 16, 2012

By: Bob Sikes – Scathing Purple Musings

Embattled Imagine Schools CEO Dennis Bakke got more bad news today as Pinellas Superintendent John Stewart recommended closure of his charter school in St. Petersburg. Writes Tampa Bay Times reporter Rebecca Catalenello in The Gradebook:

Pinellas Superintendent John Stewart this morning told board members he’d like to close struggling Imagine Charter School in St. Petersburg, which just earned its third F in four years.

This recommendation comes less than two months after the board voted 5-1 to extend the school’s contract per his recommendation. Though Imagine supporters made the case that they were improving, 2011-12 FCAT data released soon after showed the school was still struggling: 54 percent of its third graders, for example, scored a Level 1 in reading, the lowest possible score.

It was the worst third-grade reading performance of any school in the district except for Life Force Academy, which the board already voted to close.

Is Bakke’s Imagine Schools empire crumbling? Two failing schools in St. Louis were closed late last year. Including the St. Petersburg charter, Imagine has three failing charters in Florida in 2010. . Imagine’s business plan is unusually leveraged and puts undue stress on each school’s financials.

Bakke’s troubles continue to embarrass Rick Scott as the charter school CEO was on his charter-school friendly education transition teamAlong with Bakke on Scott’s team were two other charter school bosses, KIPP School’s Jacksonville board director Gary Chartrand and Charter Schools USA CEO Jonathan Hage.




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