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The Portledge Faculty plans to assemble an athletic middle, costing as much as $6 million, on its tree-filled campus in Locust Valley, officers stated.
The non-public college, which serves college students from pre-nursery via twelfth grade, wants the 20,000-square-foot constructing to supply well being and wellness applications and extra space for its athletic groups, in response to Simon Owen-Williams, head of college.
The athletic and well being/wellness middle “goes to permit us so as to add [programs] within the vitally vital areas of athletics and well being and wellness,” he informed the Nassau County Native Financial Help Corp. “This will likely be a key a part of our faculty going ahead.”
The company agreed final month to situation as much as $6 million in tax-exempt bonds for Portledge’s athletic middle. Final yr, the company approved $5.1 million in tax-exempt bonds for minor enhancements on the college’s 65-acre campus and to refinance debt.
Beforehand, the company supported constructing tasks for Kellenberg Memorial Excessive Faculty, a Catholic college in Uniondale, and renovations to low-income flats in Hempstead Village, amongst others.
The bonds are wanted by nonprofit debtors as a result of they’ve a low rate of interest. The bonds attraction to traders as a result of the curiosity earned on them is exempt from federal and state revenue taxes.
“Our potential to supply favorable financing phrases for establishments, such because the Portledge Faculty, permits them to maximise their funding, which finally advantages the scholars,” Richard Kessel, the company’s chairman, stated final month.
Portledge doesn’t plan to extend its pupil enrollment, which totals about 535 college students, drawn primarily from Nassau, officers informed the company’s board when it unanimously accepted the primary bonds in April 2021.
Portledge has 140 staff who earn $74,000 per yr, on common, in response to its utility for bond financing.
The athletic and well being/wellness middle would complement Wellington Fitness center, which is 15,400 sq. ft and about 50 years outdated, stated Michael O’Donoghue, the Portledge administrator overseeing the undertaking. Nassau’s “help will make a distinction, we’re grateful for the financing,” he stated this month.
The college takes its identify from the Portledge property, the previous residence of Charles Albert Coffin, a founder and president of Common Electrical Co. After the loss of life of his daughter, Alice, the principle home and outbuildings had been donated in Might 1965 to what was then known as Miss Stoddart’s Faculty for Little Individuals “for the aim of creating a coeducational college-preparatory day college.” Portledge Faculty opened 4 months later.
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