The Environmental Charter School at Frick Park

1

• The Environmental Charter School at Frick Park
• Facility Expansion Update
• March 18, 2009

• Background
• Financing Process
• Evaluation Criteria
• Alternatives Being Considered
• Schedule
• Next Steps

2

• The Environmental Charter School at Frick Park
• Facility Expansion Update
• March 18, 2009

• Background
• We have had a great first year fully enrolled
  with 250 K-3rd grade students in our 25,000
  square foot building on Milton Street.
• We now need to expand our capacity for an
  additional 360 students in grades 4 through 8
  (25-30,000 square feet)
• We will meet the space needs for the fall of 2009
  (rising 4th graders) in a temporary manner
• Our permanent expansion will open in fall 2010
• Permanent options being explored include
• Build an addition at the rear of the current site
• Acquire additional property near ECS and renovate
  or construct
• Acquire a facility in a different location

3

• The Environmental Charter School at Frick Park
• Facility Expansion Update
• March 18, 2009

• Expansion Acquisition/Financing Process
• Our current facility was purchased and is owned
  by Imagine Schools
• Whether we expand onsite or acquire another
  facility, it will require an additional 3 to 6
  million to do so
• Imagine has been effected by the current credit
  crisis just as others have and will not likely be
  in a position to finance the 2010 ECS expansion.
  
• We have been successful in finding other
  developers who have capital
• In this scenario, the developer purchases,
  renovates and then leases back the facility to us
  over a long term
• We have done 6 or 7 in the past year just
  completed for the Imagine Nau Charter school in
  Pt. St Lucie Florida this week.
• We will most likely finance the ECS expansion in
  this manner

4

• The Environmental Charter School at Frick Park
• Facility Expansion Update
• March 18, 2009

• Criteria Considerations for Alternative Options
• Financability location, type of facility and
  cost must be something a 3rd party developer will
  have interest in buying and financing.
• Cost ECS lease payments must be at a level that
  assures long term economic sustainability
• Keeping our capital cost low provides more
  opportunity for expanded educational programs
• Location (if not on the current campus)
• Within the city of Pittsburgh School District and
  In the vicinity of ECS
• Desire it be adjacent or close to a park or an
  area where children could have access to the
  natural environment
• Secure environment
• Suitable zoning or adequate community support to
  help assure city of Pittsburgh approvals for
  special or conditional use.
• Time some alternatives will require more
  extensive political approvals with unknown
  outcomes.

5

• The Environmental Charter School at Frick Park
• Facility Expansion Update
• March 18, 2009

• Alternatives Under Consideration
• Expansion on the Current Site
• Location is an obvious positive
• Any expansion of a school of over 75 students
  requires Conditional Use approval by the City
  Council and several variances (likely from
  building height, parking and setback
  requirements)
• Parking and Traffic will require careful analysis
  and will be neighbor concerns and an issue in the
  Conditional Use approval process
• Cost will be substantial on the order of 6 to
  7 million in new capital

6

• The Environmental Charter School at Frick Park
• Facility Expansion Update
• March 18, 2009

• Alternatives Under Consideration
• Acquire additional property near ECS (Regent
  Square area) and renovate or construct
• Will likely require either Conditional Use
  approval by the City Council or Rezoning and
  perhaps variances (most properties require this)
• Parking and Traffic analysis will be needed
  similar to Alternative 1
• Cost Unknown

7

• The Environmental Charter School at Frick Park
• Facility Expansion Update
• March 18, 2009

• Alternatives Under Consideration
• Acquisition of a Facility in a Different Location
• Location may be less desirable as our campus will
  be separated by a few miles
• Specific properties currently being considered
  may not require any significant additional city
  of Pittsburgh approvals
• Total cost for the properties under consideration
  (acquisition and renovation) will likely be
  considerably less than 6-7 million.

8

• The Environmental Charter School at Frick Park
• On-site Expansion Preliminary Schedule
• March 18, 2009

9

• The Environmental Charter School at Frick Park
• On-site Expansion Preliminary Schedule
• March 18, 2009

10

• The Environmental Charter School at Frick Park
• Facility Expansion Update
• March 18, 2009

• Next Steps
• Apply for approvals necessary for our 2009
  temporary facilities
• Gather additional cost and operational data
  associated with the lead permanent options.
• Complete comparative analysis of options select
  alternative to pursue
• Identify and reach agreement with developer who
  will provide financing
• Prepare preliminary design, parking and traffic
  analyses
• Work through Planning and Zoning Approval process