Sarasota YMCA may have Dreamers behind a re-birth
SARASOTA COUNTY - A startup charter school has emerged as a possible saving grace for the Sarasota YMCA.
The Dreamers Academy qualified for millions in tax–exempt bonds, allowing the fledgling charter school in need of a space to make a "market rate" offer to Sarasota's YMCA, which is set to close 2 locations on Friday, September 13.
Dreamers Academy offered to purchase a large swath of the Frank G. Berlin campus last Friday, becoming the first group to make a real estate offer that provides a realistic solution.
While the Y has many supporters in the community, there may be too much financial red tape and debt to overcome.
On Wednesday, Dreamers qualified for millions in tax–exempt bonds, likely carrying a 3.5% to 4% interest rate paid over 30 years that would allow it to purchase the property and do any necessary repairs.
In addition to the bond, the school qualified for $550,000 in a startup grant from the state and will rely on roughly another $500,000 in donations, largely coming from the schools owners, the Chaffees, along with other donors.