Today's Date: August 7, 2022
Greenwood and Travis Hunter Sign NIL Deal and Partner to Launch the “Choose Black” Campaign   •   Celebrating the one-year anniversary of the signing of the Canada-Quebec Asymmetrical Agreement on the Canada-Wide Early Learnin   •   LIBERTY Dental Plan of New York Awards 12 Scholarships in Partnership with PENCIL   •   Mogul Launches Nationwide Campaign Called “Build Better Boards” to Champion More Diverse Boards   •   The Honourable Daniel Vandal, Minister of Northern Affairs, will be traveling to the North through August 8 to 19, 2022   •   LIBERTY Dental Plan of New York Awards 12 Scholarships in Partnership with PENCIL   •   Who's Next? Black Women's Health Imperative Urges Voters to Affirm Abortion Rights in Wake of Kansas Abortion-Referendum   •   Test Release special characters in the headline © ® ™ é ñ ü ç î ò   •   Test Release special characters in the headline © ® ™ é ñ ü ç î ò   •   Government of Canada honours national historic significance of Second World War code breakers   •   The Mission and Legacy of The Caroline School   •   Indigenous Services Canada COVID-19 monthly update - August 2022   •   Greenberg Traurig Vice Chair Lori G. Cohen Named to Benchmark Litigation's 2022 Top 10 Women in Litigation List   •   GovX Raises Over $11,000 for FOLDS OF HONOR Veteran Nonprofit for Month of July   •   Mogul Launches Nationwide Campaign Called “Build Better Boards” to Champion More Diverse Boards   •   “What I Want to Know with Kevin P. Chavous” Podcast Launches Third Season in Search of Answers to Education’s   •   BYRON ALLEN'S ALLEN MEDIA GROUP SIGNS VETERAN NEWS & POLITICAL TELEVISION HOST MARC LAMONT HILL TO THE GRIO   •   Greenwood and Travis Hunter Sign NIL Deal and Partner to Launch the “Choose Black” Campaign   •   Los Angeles City Council Votes NO on SB 930 - the 4 a.m. Bar Bill, Sends Strong Message to Sacramento and Senator Wiener that Pu   •   Poll: Over Half of Voters of Color Oppose Government Negotiation of Drug Prices Once They Learn About Consequences for Patients

Notice: Undefined index: currentSection in /home/blackradionetwork/public_html/page.php on line 176
Bookmark and Share

Tennis Ace Serves To Help Urban Youth

LOS ANGELES - Former tennis champion Andre Agassi and a real estate investment firm said they have teamed up to form an investment fund to finance charter school buildings in a bid to spur the growth of independent public education.

The fund, called the Canyon-Agassi Charter School Facilities Fund, plans to finance up to $750 million worth of new school construction or remodeling of buildings to accommodate schools in low-income, urban communities across the country.

"The biggest impediment is facilities," said Bobby Turner, chairman and chief executive of Los Angeles-based Canyon Capital Realty Advisors, which has partnered with Andre Agassi Ventures. "Charter organizations don't have access to public finance."

Investors in the fund include Intel Capital, Citigroup and the Ewing Marion Kauffman Foundation.

Charters are publicly funded schools, but are operated autonomously from a local school district and can't access public financing mechanisms, such as bond issues, to construct buildings.

Finding a place to put a school is typically the hardest and most expensive hurdle charter startups face.

"It is very prohibitive for many charters that have great programs," said Vielka McFarlane, founder of Celerity Educational Group, which operates four charters in low-income areas of Los Angeles and is opening three new ones in the fall. "It's the biggest challenge."

One of McFarlane's new schools will be located in a church in Compton. Other Celerity schools are housed in a converted warehouse, portable classrooms and an old parochial school.

Turner, who has worked in a similar partnership with former NBA star Earvin "Magic" Johnson to build affordable housing and commercial space in impoverished urban areas, said he contacted Agassi with a proposal to collaborate after recently reading the former tennis star's memoir.

Agassi, who operates an award-winning charter school in a poor area of Las Vegas, has long been a champion of charter school education.

Turner said the fund is designed to offer traditional investors a return on social projects that are normally associated with either public finance or philanthropy. "It's a double bottom line," said Turner, who is on the board of Pacific Charter School Development, a nonprofit developer of charter schools.
The Canyon-Agassi fund will use investors' money to build schools and lease them to charter organizations, which will later have an option to buy the buildings through low-interest, tax-exempt loans once the school becomes stabilized.

The fund aims to finance construction of 75 schools, with the first slated to open in North Philadelphia this fall. Charter organizations will be selected based on their track records of academic and financial success, Turner said.

Jed Wallace, president of the California Charter Schools Association, said the entry of private funding to boost the rapidly growing charter movement is particularly welcomed since many school districts have proven reluctant to share their campus space with charters.

Many districts see charters as rivals that siphon off students and funding, although some, such as Los Angeles Unified School District, have taken a friendlier approach and allow charters to use district facilities.


STORY TAGS: charter , Andre Agassi , Black News, African American News, Minority News, Civil Rights News, Discrimination, Racism, Racial Equality, Bias, Equality, Afro American News, Hispanic News, Latino News, Mexican News, Minority News, Civil Rights, Discrimination, Racism, Diversity, Latina, Racial Equality, Bias, Equality

Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News