|As a not-for-profit organization with limited access to capital, St. Philip’s Academy could appreciate the 25-year term and low interest rate on its financing made possible by the EDA’s issuance of tax-exempt bonds.|
With the help of an $11,285,000 tax-exempt bond provided by the EDA, St. Philip’s Academy was able to renovate an existing 55,000-square-foot building and add a new 14,000 square foot gymnasium to its campus. The project has already led to an increased enrollment at the school, according to Thomas H. Hooper, Director of Institutional Advancement at St. Philip’s.
“It was just great working the EDA, a lot less complicated than I thought it would be,” said Hooper. “The EDA gave us so much help during the process and made sure things went smoothly. We’re fortunate that when we needed some modifications to our facilities, the EDA was there for us.”
St. Philip’s Academy was established in 1987. It is an independent school committed to excellence for students in kindergarten through eighth grade, and serves mostly students from the city of Newark and surrounding towns. The school exists to provide a unique educational opportunity for students regardless of their ability to pay. St. Philip’s has a current enrollment of 336 students.
“You could tell that the EDA understood that our business is educating kids,” said Hooper. “They were there to help us through the whole process and answer any questions we had. It’s safe to say that I would love to continue to work with the EDA.”