Charter school to take ownership of property it is leasing
The Elgin Math and Science Academy Charter School received an early Christmas present from the city of Elgin.
Elgin City Council members approved an agreement this past week that gives the school ownership of the property at 1600 Dundee Ave. that it’s currently leasing from the city for $1 a year. The school, known as EMSA, is in the second year of a five-year lease.
In May, EMSA’s board of directors asked the city to consider relinquishing ownership as the school moves forward on a master plan to renovate buildings on what had been the campus of the Fox River Country Day School.
By transferring ownership, EMSA can secure a loan with a lower interest rate and save about $350,000, officials said.
Councilmen voted unanimously Wednesday to approve the agreement. Councilman John Steffen abstained because his wife, attorney Kerry Kelly, is a founding member of EMSA and its current board chairwoman.
The deal represents a good deal of work and cooperation between EMSA and the city, Councilman Toby Shaw said.
“I’m glad to see this day come forward,” Shaw said. “It is a pivotal step for EMSA to continue on with their mission of education here in Elgin. I’m excited to see them move forward.”
The charter school’s mission is to help students and teachers to reach their highest potential through active exploratory learning and social responsibility, according to its website. It’s nonprofit and its board of directors includes teachers, business leaders and parents of students.
This school year, EMSA’s estimated enrollment was more than 300 kindergarten through fifth-grade students. The figure will increase annually as the charter school adds higher grades as students progress.
Under the agreement, the city will hand over the property through a quitclaim deed within the next 30 days. EMSA is responsible for filing the deed and must pay all the costs for doing so. The school will be able to rent some areas of the site but only to organizations holding social events or fundraisers benefiting EMSA.
If school ever closes, the property reverts back to city ownership, according to the deal. And if the charter school ever wants to sell the property, the city has the first right of refusal and could purchase it back for for $1 million, according to the agreement.
EMSA officials were unavailable for comment.
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