Newburyport’s River Valley Charter School now owns the 36,000 square foot building it has been leasing for over a decade.
The first public charter Montessori school in Massachussetts used a $4.58 million bond issued by MassDevelopment, the state’s finance and development agency, in order to purchase the building.
“As with all things this was an economic time that made it prudent to make that decision,” said Jeanne Schultz, River Valley Charter School director. “The ability to borrow money, the rates are very low and it would put us in a good financial position for next ten years and into the future. It helps us lower our overall operating cost and we can focus on providing a quality Montessori education.”
River Valley Charter School, which was started in 1999, has about 288 students between kindergarten and eighth grade enrolled.
The school set aside money from the sale to do minor renovations and upgrade the playground, Schultz added, as it tends to get water damage during any large storm. Two years ago, the school also added 6,000 square feet including a gymnasium, art room and music room.
Schultz, along with all students, teachers, faculty and locally elected officials will be celebrating the sale Friday morning in the school’s gymnasium.
“Since it benefits all of us I think we’re all very happy,” Schultz said. “Teachers are happy that we have a place to call our own.”