Ballard Spahr Advises in Delaware Charter School Deal

Attorneys in Ballard Spahr LLP's public finance department served as bond counsel in the issuance of $34.6 million in tax-exempt bonds that will enable a Wilmington, Del., charter school to expand into a kindergarten through 12th-grade campus.

The transaction closed Feb. 18, according to a press officer for Philadelphia-based Ballard.

The Odyssey Charter School project involves the purchase and renovation of buildings on 35 acres of the Barley Mill Plaza office park. Opened in 2006, Odyssey provides students with a classical education through a curriculum centered around mathematics and the Greek language. The school now enrolls students in grades K-7 but is gradually expanding.

"Tax-exempt bond financing is a critical resource for charter schools," said Ballard Spahr partner Emilie Ninan, who oversees the firm's Delaware public finance practice and is the managing partner in its Wilmington office. "Unlike traditional public schools, charter schools in Delaware don't receive separate government funding for construction or other capital needs. We're pleased that we could help craft a creative financing method that will support education innovation in Delaware."

The Delaware Economic Development Authority issued the 501(c)(3) bonds. The authority operates under the Delaware Economic Development Office, which provides statewide financial assistance to new or expanding businesses, governmental units, and certain tax-exempt organizations.

The authority does not guarantee the bonds, and the state does not back it with full faith and credit.

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