After merging with another charter school in 2019, the St. Paul City School was operating three older buildings.
Its leaders wanted a more financially viable model that also fostered stronger relationships between students, staff, family and community.
To make it happen, they needed flexible financing, delivered by mission-driven professionals.
A $6.72 million loan from MMCDC helped meet that need.
Today, St. Paul City School provides its unique educational model from a new building on a two-acre urban site. It houses all students under one roof and has greater student capacity.
Roughly 90 percent of students qualify for the free and reduced lunch program. The area poverty rate is 40.3 percent.
We chose to work with MMCDC because of your expertise in New Markets Tax Credit financing and your ability to structure this project in a way that traditional lenders could not. Your staff were knowledgeable and responsive. — Benjamin Magras, St. Paul City School Executive Director
MMCDC financed a portion of the acquisition, construction and other costs for the new St. Paul City School building. This financing was made possible by the federal New Markets Tax Credit, a program administered by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund.
