Pinecrest Academy, Inc.

Pinecrest Academy, Inc.
Board of Directors
Judith Marty, President & Chair (Present)
Shannie Sadesky, Vice-Chair (Absent)
Juan Molina, Secretary (Present)
Erin Demirjian (Present)
Jenny Esquijarosa (Absent)
Jessica Pujals (Present)
Blanca Fernandez-Quevedo (Present)
Charles Gibson, Esq., Board Attorney (Present)
Meeting of the Board of Directors
April 28, 2014
Summary Minutes
1.
OPENING EXERCISES
a. Meeting called to order
b. A quorum was established
2.
PUBLIC COMMENT
3.
ACTION & DISCUSSION ITEMS
a. Financial Report (Ms. Ana Martinez)
i. Review of Revised 2013-2014 Annual Budgets
1. Reviewed individual surplus amounts and all necessary intracompany loans
2. Board member Molina requests that the grade levels be included on the budges in the future
3. The Board Chair requests that the school number / IDs be added on budgets in the future
4. Mr. Barroso requests that the Principal name be included on budgets in the future.
b.
Report and Action Required: Property Purchase and Bond Transaction
i. Acquisition of Pinecrest Cove Facility: Pinecrest Academy is currently leasing the facility in which Pinecrest
Cove is housed at; the lease terminated on June 30, 2014; there is an option to purchase in the lease; the Board
is being asked today to approved whether to exercise their purchase option; the property is approximately 2
acres; in front of the property there is additional 2 acres in which is owned by FPL and the school currently has
access to this area for parking; school currently operates as a K-8; the landlord is currently exploring a shortterm lease; cost to purchase is $9 million dollars; the option must be submitted by June 30, 2014 and the
property closed on within 90 days; a deposit has been submitted of $125,000 which will be applied to the
purchase price if closed upon, if not closed upon the deposit with be forfeited; survey and environment report
received; environment showed that there was a tank which leaked in the years past and the contaminated soil
was removed; the site is now enrolled in the state’s Early Detection Incentive Program; discussed details of this
program; flood insurance is not required for this site; pending building inspection report; zoned single-family
residential with a special exception to operate a K-6 school program; although the resolution refers to a private
school, a charter school is allowed to open without further approvals as long as the charter adheres to the
language of the covenant (K-6); current CU is at 580; if the school adheres to K-6 grade levels, then the school
could increase student enrollment to occupant load to 800; the soonest this could go to County Commission
would be July; discussed possibility of moving the 7th and 8th graders (approx. 150) to “little Cove” and the
moving the K-3 from “little Cove” to “big Cove” site; the Board Chair makes the recommendation to purchase
the building and try to quickly move through the County for approval to operate as a K-8 and to reach out to
staff to see if any temporary permissions may be granted; the Board discuses the repercusitons of cutting the
program to a K-6; Board Member Fernandez-Quevedo (grandparent of two Cove students) discusses the
attractiveness of the K-8 program to parents; Board Member Molina agrees with the motion to move forward
as recommended by the Chair; it is discussed the worst case scenario would be to have to limit the grades to a
K-6;
Pinecrest Academy, Inc.
ii. APPROVED: The Board unanimously approved the Resolution regarding the acquisition of 4301 SW 107th
Avenue; approval is conditional upon receiving an acceptable building report.
Motion by Juan Molina; Second by Jessica Pujals
iii. APPROVED: The Board unanimously approved the Resolution regarding the bond transaction / financing
details for the facilities located at 14901 SW 42nd Street and 4301 SW 107th Avenue.
1. Discussed: Financing 100% of the facility; for the Meadowview site, the taxable daycare onsite may
not be included in the financing; unlikely to be economic to sell the building prior to 10 years;
mortgage payments are fixed; weighted average all in of approx. 6.5%; Pinecrest Academy, Inc. will be
the borrower, 30 year bond, tax exempt; schools involved are PM, PH, and Pinecrest Cove; bonds will
have a one year debt service reserve fund, small amount of ongoing fees, including a bond trustee;
documents to be signed include the loan agreement, offering memorandum (official statement); Board
Member Molina questions who will be responsible for maintaining requirements; it is discussed that
the auditors will review this on an annual basis and issue formal reports;
Motion by Juan Molina; Second by Jessica Pujals
4.
c.
Facility Report
i. 8th Street location
1. Update
2. Hearing scheduled for May 22nd at 9am; it will be very important to coordinate the speakers and who
will attend the hearing for support; Betty will work with Adri Lima from Academica to help with
coordinate.
d.
Principal Items for Discussion
i.
CONSENT AGENDA
a.
b.
c.
d.
e.
f.
g.
h.
5.
APPROVED: The Board approved the minutes of the Pinecrest Academy, Inc. Board of Director’s Meeting for
February 27, 2014.
APPROVED: The Board approved to adopt the Financial Report, including the Revised 2013-2014 Annual Budgets
and the Monthly/Quarterly Financial Statements.
APPROVED: The Board approved to permit all teachers of Pinecrest Academy, Inc. who also teach blended labs with
Academica Virtual Education to take one school day per semester to visit students in their blended labs without the loss
of a personal day.
APPROVED: The Board approved to authorize the Chair (or other Board Representative), President, and Board
Counsel the ability to negotiate all charter school contracts (new, renewal, and amendments) with Miami-Dade County
Public Schools.
APPROVED: The Board approved of the following Holland and Knight Invoices
APPROVED: The Board approved the out of field waiver(s) for instructional personnel with out of field assignments
for the individual schools.
APPROVED: The Board approved to authorize the Chair the ability to submit new charter schools applications, as
necessary, on behalf of the Board. The Board further approves the $500 application fee which shall be assessed for each
application submitted by the May 1st deadline.
APPROVED: The Board approved the approval for all Pinecrest Academy, Inc. schools authorization to
participate/continue participation in the Florida High School Athletic Association (FHSAA); further approving to accept
the FHSAA bylaws.
The above consent agenda items were unanimously approved under one Motion by Juan Molina; Second by Jessica Pujals
OTHER ITEMS BY BOARD MEMBERS, STAFF, OR ESP
a. The next regular meeting is scheduled for June 18, 2014 at Pinecrest Academy South Campus (15130 SW 80th Street,
Miami, Florida); Annual Meeting.
i. The Board would like to discuss scheduling a strategic planning board retreat at the next meeting.
b. National Charter School Conference: June 29 – July 2 in Las Vegas, Nevada
(http://www.publiccharters.org/involved/conference-2014/).
c. End of Year Celebration: June 7, 2014
Pinecrest Academy, Inc.
6.
ADJOURN MEETING