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CHARTER SCHOOLS: The charter school movement started in 1992 by state enabling legislation in Minnesota, followed closely by Colorado in 1993. Today, over 4,600 charter schools have been created in 40 states and the District of Columbia (each of which have adopted enabling legislation) serving over 1.4 million students, according to a 2009 study by the National Alliance for Public Charter Schools. The Center for Education Reform describes charter schools as, “New, innovative public schools that are accountable for student results. They are designed to deliver programs tailored to educational excellence and the needs of the communities they serve.” Charter schools are similar to traditional public schools in the sense they are funded by the state, they do not charge any tuition or fees to attend and their enrollment is open to the general public. The difference is that charter schools are free from some of the rules and regulations that apply to traditional public schools in exchange for greater accountability for their academic and operating performance. One of the greatest challenges facing charter schools today is access to adequate facilities to educate their students. An overwhelming percentage of charter schools operate in retail strip centers, local churches or other temporary options that inhibit their ability to grow. The total number of charter schools in existence today represents less than 5% of all traditional public schools, but the segment has grown by about 300% over the last 10 years. IPPD believes that the charter school market is an attractive real estate segment that is growing rapidly and is currently underserved by the capital markets. With a focus in identifying schools with a quality operator and strong student base, IPPD is seeking to deploy capital to help charter schools solve their facilities' challenges. |
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