CEDA Closes $3 Million Tax-Exempt Loan with Summerfield Waldorf School and Farm
In March 2016, the $3,000,000 tax-exempt financing deal between the California Enterprise Development Authority (CEDA) and Summerfield closed. This deal refinances costs forthe acquisition of a 6-acre parcel of land and property and funds various upgrade and maintenance projects on Summerfield’s campus as well as future capital projects including a new ArtTech building and site improvements that will assist the campus in complying with the Americans with Disabilities Act (ADA).
The refinancing and financing of the facilities through CEDA will result in notable savings in effective interest rate enabling lower payments that allow the school to put more cash flow into its operations serving its students and programs.
Summerfield Waldorf School and Farm (SWS) is a 501(c)(3) non-profit corporation located in Santa Rosa. The school started in 1974 with just 11 students and has grown to about 390 full time students today. SWS is accredited by the Association of Waldorf Schools of North America (AWSNA) and the Western Association of Schools and Colleges (WASC). SWS offers an education recognizing a child’s individuality from early years through high school. In addition to its comprehensive learning environment, SWS also has a strong environmental and land conservation ethic which is evident in several areas of operation at the campus through resource use and recycling, energy consumption and generation, land use, farming and landscape, education and student involvement, transportation, water, and food. The school has a farm which grows fruits and vegetables used in the student nutrition programs and sold to the local community.
About CEDA: In 2006, CALED established CEDA, a Joint Powers Authority (JPA), to address gaps in Economic Development financing. CEDA is committed to providing alternative financing options to manufacturers, 501(c)3 non-profits, and California communities, with the ultimate mission of supporting economic development. To learn more about CEDA, please visit its web site at http://ceda.caled.org/.