We had a great turn out Monday for our facilities meeting. Here is a quick update. We will be moving to our new location at 5500 Wilshire NE over the summer and will start our 2014-15 school year in our new building! As families of CIS, we are all members of our CIS Foundation and it is by working together as a community that we will make our move happen.
Since our school budget or CIS Foundation budget does not have enough funds to provide a down payment to purchase the new building, the Governing Council signed a Lease with an Option to Buy agreement. This agreement offers us the opportunity to purchase the building within a three to four year period. Within the next three to four years we need to come up with approximately $700,000 to secure purchase of the building. Until then, we will lease the building for approximately $30,000 per month. So it is definitely to our benefit to purchase the building as soon as possible since our payments on the loan will be less than lease payments.
The Lease with an Option to Buy agreement also asks for a security deposit of approximately $30,000 plus the first month's lease payment of approximately $30,000 as soon as the tenant improvements are approved. CIS has paid $10,000 towards the security deposit and we have asked the CIS Foundation to help with the remaining $50,000. The remaining $20,000 of the security deposit is due in November and we plan to have the approval for this allocation from the CIS Foundation budget in the November meeting.
The $30,000 for the first month's rent will be due in January.
We need to fundraise the remaining $30,000.
We can do this!
While this may sound like a large amount to raise, it was noted by some families at our meeting that if you break it down it represents approximately $300 of fundraising per CIS family. This generous act would help us gain an amazing educational space for our students. Some great suggestions from the meeting were that we ask friends and family to write a check or Buy a Brick for CIS in lieu of a birthday present, donate to the Corrales International School Foundation through the United Way as soon as possible, or ask businesses that you have a connection with to donate to our amazing school.Please visit the BrickRUs site here and consider contributing while having your child's name or the family name engraved on a brick that would be forever displayed in the entry way of our new building. These donations are tax deductible and the CIS fed tax id number is 03-2177700-00-4..
A big thank you to Judy Hines for volunteering to Co-Chair on the Foundation Board and to Michael Weinberg for volunteering to be the Treasurer! Please contact Dr. Elsy Diaz if you would like to work with Judy as a Co-Chair. CIS is in existence and will continue to be in existence because of the hard work of parents and staff working together. This is an exciting time for our school as we take the next natural step in owning our own building. We hope that we can continue to count your support!
Respectfully,
Dr. Elsy Diaz
Head of School
Corrales International School
