SEBASTIAN — Sebastian Charter Junior High School has received its third contract extension from the Indian River County School District while the school continues to wait on the USDA to return its commitment letter for approximately $1 million. The school needs that letter in order to get funding from a bank to build its new campus.
It has been more than a year since the charter school broke ground on the new campus, anticipating a quick process of getting loan approvals from the USDA and its bank. But banks have changed and, so too have the policies at the USDA, according to the school.
“We have had a few glitches,” Principal Dr. Martha McAdams told the School Board Tuesday night. “We are anticipating any moment getting the written commitment from the USDA so we can proceed.”
Dr. McAdams said that the school has all the other paperwork and permits in place to get going on the construction of the campus – once the USDA sends in its letter.
Without the board’s approval, the school would have until July 31 to get the bank loan approved or revert back to the original School District contract. That contract would allow the school to operate until June 30, 2015.
The current contract – requiring a deadline of July 31 to secure funding – would allow the school to operate through June 26, 2026.
“We certainly are willing and have been willing to support their efforts,” Schools Superintendent Dr. Fran Adams said of the district’s cooperation with the charter school, adding that this third extension will hopefully be the school’s last.
The School Board voted 4-0 to approve a deadline extension to Oct. 31, which is expected to more than cover the time needed to get the USDA’s letter of commitment.
School Board member Karen Disney-Brombach was absent from the meeting.
