Ballard Spahr Advises on Bond Issuance for Academy of Dover's Acquisition of Land and Buildings

Academy of Dover charter school recently closed on a $4.24 million tax-exempt bond issuance to fund a portion of the school’s purchase of land and two buildings on the school’s 4.8-acre campus on Saulsbury Road.

The financing and acquisition will save the school nearly $2 million in the first five years compared to renting its facilities, as it had for 20 years.

“The cost savings we realize will allow us to devote more resources to promoting our educational mission and better serving our students,” said Dr. Michele Marinucci, Head of School at Academy of Dover. “Our commitment is for each student to embrace the love, joy, and value of education. This investment in our school and students will help us fulfill our commitment.”

The revenue bonds were issued by Kent County, Delaware, and purchased by WSFS Bank. The bonds were issued solely on the credit of Academy at Dover and do not involve financial risk to the County or taxpayers. Ballard Spahr served as bond counsel for the issuance, with Emilie Ninan, co-Chair of the firm’s Finance Department, leading the representation.

Academy of Dover is a free public charter school for students in grades K through 8. Its educational process is student-centered and emphasizes partnerships involving students, parents, and staff in the pursuit of excellence both inside and outside the classroom.

For media inquiries, please contact Bill Shralow at 215.864.8195.