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$75 million in Pine Crest bonds approved
July 20th, 2008
By John Johnston
Managing Editor
Palm Beach County commissioners have approved the application of Pine Crest Preparatory School, Inc. for the issuance of $75 million in revenue and refunding bonds.
About $50 million will be used to finance the costs of acquisition, construction, reconstruction and equipping of facilities at the school’s Boca Raton and Fort Lauderdale campuses. The remaining $25 million will be used to refund the City of Fort Lauderdale, Series 2002 Florida Revenue Bonds, said commissioners.
Conditions
Pine Crest has a kindergarten through 8th grade campus in Boca Raton, with a little more than 800 students, and a 9-12 campus in Fort Lauderdale with 1,600 plus students, according to Pine Crest President, Dr. Lourdes Cowgill. Major changes are planned for both campuses, but city council in Boca has imposed a few conditions to obtain construction approval here. These include:
- A maintenance building will be set 10 feet further back (to 60) feet from the neighboring property, surrounded by a 14 foot high noise minimizing wall.
- No construction on Sundays or federal holidays.
- Lights on the tennis court must go off at 8 p.m.
- A dumpster will be moved to an acceptable location within 180 days.
- No bleachers will be constructed east of the soccer field.
- The school will meet with neighbors quarterly for updates.
- Residents will be notified 10 days in advance when the school meets with the Community Appearance Board.
Another concern by residents of the neighboring Timberlake development was that the school would add a high school. And while Dr. Cowgill said the school has “no intent” to add a high school, council imposed that promise as a condition of permit approval.
Dr. Cowgill told the Boca Raton News that, “and barring any unforeseen circumstances,” work on the Boca Raton campus should be completed “in a little more than a year.”
The Work
Specific work planned for Boca Raton includes:
- A Lower School replacement building - 55,800 sq. ft – and 60,000 square feet with loggias. (A loggia is roofed arcade or gallery with open sides stretching along the front or side of a building).
- A new main administration campus support building at 7,980 sq. ft.
- A new athletic building at 4,500 sq. ft.
- A new maintenance building at 6,000 sq. ft.
The bonds approved by commissioners will be credit-enhanced by a letter of credit issued by the Bank of America, N.A. and are expected to be rated "AA" (long-term) and "Fl +" (short-term) by Fitch Ratings. Pine Crest told commissioners it would request a TEFRA public hearing and final approval for the issuance of the Bonds at a later date -- probably July 22.
“Neither the taxing power nor the faith and credit of the county, nor any county funds shall be pledged to pay principal or redemption premium, if any, or interest on the bonds,” said commissioners.
History
Pine Crest calls itself an “independent, all-faith, coeducational school,” and holds accreditation from the Southern Association of Colleges and Schools, The Florida Council of Independent Schools, and the Florida Kindergarten Council, and is also a member of the National Association of Independent Schools.
The Boca Raton campus is actually an outgrowth of the former Boca Raton Academy. In 1987, the Pine Crest Preparatory School Corporation acquired Boca Raton Academy and established the Pine Crest School Boca Raton campus, encompassing pre-kindergarten through Grade 8. Graduates are then invited to complete preparatory school education in the Upper School on the Fort Lauderdale campus.
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