The Fort Wayne Urban League boards says it supports efforts to create a new charter school under its leadership, providing the non-profit isn’t as risk of losing its building if the project falls flat.
At a tense board meeting today, board members gave President Jonathan Ray permission to move ahead with financing for the Thurgood Marshall Leadership Academy. But under no circumstances, board members said, could the deal allow for the $3 million Urban League headquarters to be seized as an asset.
The Urban League hopes to start an urban prep school located in the former Village Woods Middle School in southeast Fort Wayne. The Urban League would oversee the school, which would be run by education management company American Quality Schools.
Members of the charter school board have spent the last several weeks discussing ways to finance the school. They hope to enter into an agreement with Equity Capital Partners LLC, a venture capital firm that will buy and renovate the building.
They may also work with the Charter Schools Development Corporation, which could buy out Equity Capital after several months.