Facilities Update: June 29, 2023

In Facilities Update, MVM eNews,

Dear MVM Community, 

The MMCI Board of Trustees is excited to announce that our facilities purchase for Monocacy Valley Montessori is almost complete. Our closing is set for July 11, when we will officially become the owners of 64 Thomas Johnson Drive!! At this stage, 99% of the work to purchase the building has been completed:

June 7, 2023: Maryland Health and Higher Education Facilities Authority approved our application for Bond Financing (MHHEFA is the bond issuer.)

June 9-14 2023: Our bond offering was released to the market (this is the stage where potential investors evaluate our project to decide if they want to purchase the bonds offered by MHHEFA. 

June 21, 2023: Official approval for our purchase and Phase I renovation received by the State Superintendent’s office. 

June 21, 2023: Our offering closed with multiple investors purchasing bonds to invest in our project! Pricing was locked in at an effective rate of 6.125% which was best case scenario for us in the current market. 

July 11, 2023: We will officially become the owners of 64 Thomas Johnson Drive!!

Still in progress:

  • We are currently working with the seller to gain early access to the building for demo work.
  • Dill Avenue is being packed up and readied for moving day.
  • Additional information regarding the logistics for the move and new school year planning will be sent from the MVM Governing Council in the coming days.