Title: CS3-Three (3) Year Renewal Charter for Chancellor Charter School at Lantana

Recommendation:
I recommend that the School Board approve the Charter with Chancellor Charter School at Lantana which will become effective upon signing by both parties, and shall cover a term of three (3) years commencing July 1, 2006 , and ending  June 30, 2009, except as provided in the Charter.

Description:

Pursuant to 1002.33, Florida Statutes (6)(g), the terms and conditions for the operation of the Charter School shall be set forth by the district and the applicant in a written contractual agreement called a Charter.

Chancellor Charter School entered into a Promissory Note with the Imagine Schools Management Company for repayment of $1,137,293, payable with the first installment of principal and interest payble on July 1, 2006.  the promissory note will be amortized for a period of 15 years.

The Charter School Renewal Committee determined that Chancellor Charter School at Lantana is in compliance with its current Charter.

The new Charter for Chancellor Charter School at Lantana was agreed upon by all parties.  The Charter has been submitted and reviewed by the appropriate District staff.

The Charter will become effective upon signing by both parties, and shall cover a term of three (3) years commencing July 1, 2006 and ending June 30, 2009, except as provided in the charter.

Due to the large number of pages, a copy of the Charter is on file in the Board Minutes Office for review.

Financial Impact:
The Charter School will receive 95% of the funded FTE generated by up to 500 students.  The District will retain 5% of the FTE, for up to 500 students per school, as per Florida Statute, and any amount above the 500 will be determined in accordance with statute.

For Additional Information, contact:
Ann Killets/(akillets@palmbeach.k12.fl.us)
Janice S. Cover
Juanita W. Edwards

Attachments (list):
legal review Chancellor.pdf
Data panel Chancellor.pdf