CASE STUDIES

Ivywood Classical Academy (ICA), a public charter school in Plymouth, Michigan, is expanding to meet the growing demand for its classical K-12 educational model. ICA began operations as a K-5 public charter school with a total enrollment of 131. In December 2023, Ziegler underwrote $24.4 million in tax-exempt bonds, the proceeds of which were used to acquire 23 acres of land and construct an additional 49,545-square-foot facility at 12401 North Ridge Road. This new campus will initially serve grades 7-10, with plans for further expand to grade 12.

Shell Point will use the proceeds of the Series 2024A/B Bonds to construct 58 independent living units to be known as Vista Cay in the Island neighborhood. The Vista Cay residences will be located in a 14-story building with river and gulf views on a 11.6- acre site. The Series 2024A/B Bonds are rated BBB+ (Negative Outlook) by S&P Global Ratings and BBB+ (Stable Outlook) by Fitch Ratings, Inc.

Shell Point will use the proceeds of the Series 2024C Bonds, together with other funds, to construct a “Town Center” for the community in the Island neighborhood. The Town Center will be used to house Shell Point’s administration building and its current Island amenities, as well as serve as the new hurricane shelter for its independent living residents. The Series 2024C Bonds are rated BBB+ (Stable Outlook) by S&P Global Ratings and BBB+ (Stable Outlook) by Fitch Ratings, Inc.

Convivial St. Petersburg, LLC (the Borrower) was formed in 2022. Convivial Life, Inc. (Convivial) serves as the sole member of the Borrower and is a Florida not-for-profit corporation organized in 2021. The Borrower will use the proceeds of the Series 2024 Notes to fund the land acquisition, certain predevelopment expenditures and marketing costs of a planned continuing care retirement community on 5.27 acres in St. Petersburg, Florida (the Community). The Community is anticipated to consist of two residential buildings comprised of 170 independent living units, 48 assisted living/memory support units. as well as common areas and administrative and support spaces.

In May 2024, Ziegler underwrote a successful bond financing for St. Mary’s School issued through the California Municipal Finance Authority (CMFA). St. Mary’s School is a PK-8 private school located in Aliso Viejo (Orange County), California. The School was founded in 1994 and currently educates 720 students. They offer a full educational program encompassing academics and athletics, as well as access for all students to International Baccalaureate courses.

Archimedean Schools, a Conservatory of Mathematics and the Greek Language, is proud to begin construction on a new expansion facility containing a cafeteria, additional classrooms, and a full-size gymnasium/auditorium.

Kid’s Community College (KCC), a K-12 charter school system with four campuses in the community of Riverview, Florida, acquired two of their facilities, Lake St. Charles Campus and IB Middle Campus. KCC serves approximately 1,400 students, with a waitlist of 395 students for the 2023-24 school year.

The Series 2023 Bond proceeds of $31,437,200 were used to acquire and retrofit the Upward Star Center, a multi-sport complex, into a new K-8 charter school.

Lead Academy is proud to open a new expansion facility containing three additional classrooms and a full-size gymnasium. The expansion project increased enrollment to approximately 460 students.

Discovery Academy of Science (“DAS”) proudly opened its new campus for the 2022-23 school year. Situated on five acres, the new campus includes a 34,000 square foot education building and playground. The new campus allowed DAS to consolidate and relocate the operations of two previous facilities to one site and serve the entire K-8 population.