Prince George’s County Public Schools is embarking on a groundbreaking initiative to finance the construction of eight new schools through a $660 million taxable sustainable revenue bond issuance. This innovative approach involves a public-private partnership that aims to address the growing infrastructure needs of the community while tapping into the current demand for taxable paper in the market. With Wells Fargo and TD Securities leading the underwriting efforts, this project represents a significant milestone in the development of educational facilities in the county.
Wells Fargo and TD Securities are at the forefront of this funding initiative, working closely with Squire Patton Boggs as the bond counsel. The involvement of Progressive Education Partners as the borrower underscores the collaborative nature of this endeavor. Plenary Americas, as the developer of the project, brings a wealth of experience in the P3 space, ensuring that the schools are built to the highest standards. The partnership between these entities highlights the commitment to delivering quality educational infrastructure for the benefit of the community.
The $660 million bond issuance will be used to cover the design and construction costs of the eight new schools, with a focus on operational efficiency and long-term sustainability. The bonds will mature serially from 2029 to 2039, providing flexibility for investors and aligning with the project’s long-term goals. The decision to utilize taxable municipal bonds reflects the evolving landscape of municipal finance and the strategic approach to funding essential infrastructure projects.
The construction of these new schools will create over 1 million square feet of educational space, accommodating approximately 8,150 students. This expansion will not only alleviate capacity issues but also enhance educational opportunities for the next generation. By focusing on environmental standards, such as achieving LEED silver certification, the project reinforces its commitment to sustainability and community well-being. The positive impact of these investments in education will be felt for years to come.
As the project moves forward, the focus will be on ensuring that the schools are completed on time and within budget. The partnership between the public and private sectors will be crucial in driving innovation and efficiency throughout the construction process. With a stable outlook from rating agencies such as Moody’s, the project is well-positioned to succeed in providing quality educational facilities for the residents of Prince George’s County. By adhering to Green Bond and Social Bond Principles, the project sets a new standard for sustainable infrastructure development.
The funding of school construction in Prince George’s County represents a bold and forward-thinking approach to addressing the infrastructure needs of the community. By leveraging the expertise of key stakeholders and embracing innovative financing structures, the project sets a new benchmark for educational facility development. As construction progresses and the schools take shape, the positive impact on the community will be undeniable. This initiative serves as a model for future public-private partnerships in the education sector, demonstrating the power of collaboration in driving positive change.