Dear Students, Faculty, Staff, Parents and other members of the Scholars' Academy family,
In May, I conceded that "some of you who have been patient and supportive are growing increasingly concerned about our inability to bring the longstanding search for a permanent home to a satisfactory conclusion." We had terminated negotiations after spending nearly a year on one property, leaving us with insufficient time remaining to break ground and build a new facility; we were unable to negotiate an extension to our present lease. We needed to find a home.
In the last few months, the board of directors had embarked on an aggressive plan to finance, purchase and renovate an existing office building in time for the 2009-2010 school year. We worked with brokers, bankers, architects, engineers and attorneys to expedite the project. We knew that more than one piece would have to fall into place for us to meet our targets, but we could not have foreseen how many external factors - the real estate market, the economy, the rapid downturn in the credit markets and the upheaval in the banking industry - would be working against us. We have no choice but to implement our contingency plan.
I am sure that many of you had heard that we were working on a solution, so you may be disappointed to learn that our long-term solution is not yet in place. On the chance that we would reach this point, we have continued to press the management of the British Schools of America for an extension to our present lease. Although it may not be what you had hoped for, we have been offered a one year extension to our present lease, carrying us through the 2009-2010 school year. The board of directors has voted to accept this offer and remain in our present facility for the additional year. We will also look at the possibility of adding mobile units to ease the crowding that we are already experiencing. As stated previously - we will do whatever is required to ensure that the Scholars' Academy continues to have a home, now and in the future.
Because another year will pass quickly, we are aggressively continuing our search for a suitable permanent facility consistent with our vision: as accessible to the highly gifted students of this region and as close to the educational amenities of this city as possible. We will continue to consider the site mentioned above and will use this brief respite to quickly consider other sites, including those that may become available as a result of the problems in the credit market. We will also be more open to long-term lease opportunities that do not require the school to directly seek credit in the current environment. We regret that we cannot announce a long-term solution right now and appreciate the patience and support that you have consistently granted us. On a positive note, we have eliminated any risk for the 2009-2010 school year and continue to remain strong, both financially and academically. You have given too much - in time, skills, dollars and trust - for us to jeopardize this unique institution.
I want to thank you for the many contributions that give us the flexibility and resources to continue to operate successfully and look forward to the future, despite conditions that threaten so many others in the present. Please feel free to contact me with any questions or comments.
