Education Turner-Agassi Charter School Facilities Funds
America’s public education system faces a serious challenge. Although the U.S. spends more on education than any other country in the world, our high school graduation rate ranks 21st among developed countries. Each year, more than 2.5 million students drop out of school – more than 6,800 a day. Meanwhile, charter schools have been a source of hope for the residents of many underserved communities, with the best charter schools regularly outperforming their traditional school counterparts.
The challenge is that many charter schools lack access to long-term school facilities, forcing them to operate in short-term facilities that don’t create an optimal learning environment. Even schools with access to capital often lack the expertise to successfully build their own long-term facilities.
The Turner-Agassi Charter School Facilities Fund meets the facilities challenge by acting as a “bridge developer” for best-in-class charter schools. A joint venture between Turner Impact Capital and tennis legend Andre Agassi, Turner-Agassi serves school operators by taking the lead on site selection, acquisition, design and construction and providing 100 percent of development costs.
School facilities developed by Turner-Agassi are then leased to school operators, who can then purchase the sites once they reach full occupancy. The fund even helps schools take advantage of tax-advantaged funding options, such as New Market Tax Credits or tax-exempt bond offerings.
To date, Turner-Agassi has developed 69 school sites in urban areas across the country, serving more than 35,000 students in such communities as North Philadelphia, Newark, the Bronx, Southwest Detroit, South Dallas, North Las Vegas, and many more. And the fund is positioned to invest an additional $800 million to develop 100 more schools serving another 55,000 students.
We have been honored to work with many of the leading charter management organizations in the United States, including KIPP, Rocketship Education, Aspire, Academica, Eagle College Prep, and others.