D.C. Preparatory Academy Revenue Bonds Project Approval Resolution of 2026
The resolution allows for the issuance of revenue bonds specifically for D.C. Preparatory Academy. These bonds are intended to fund projects related to the school.
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PR 26-0660 — D.C. Preparatory Academy Revenue Bonds Project Approval Resolution of 2026
Last action — Resolution R26-0411, Effective from Jun 02, 2026 Published in DC Register Vol 73 and Page 008397
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5Enacted
This bill has been enacted into law. Introduced April 20, 2026. Enacted.
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In plain language
This resolution approves revenue bonds for D.C. Preparatory Academy projects.
The resolution allows for the issuance of revenue bonds specifically for D.C. Preparatory Academy. These bonds are intended to fund projects related to the school.
Bill Text
What changed in the latest version
304 added · 484 removedPlain-language change summary
The recent amendment to the D.C. Preparatory Academy Revenue Bonds Project Approval Resolution includes the addition of specific definitions for key terms like "Authorized Delegate," "Bond Counsel," and "Bonds." This clarification helps establish who will manage the bond process and what types of financial obligations are involved, making it clearer for stakeholders. The resolution now specifically emphasizes that the bonds generated will not involve any direct financial liability for the District. This is important because it assures that public funds will not be at risk while supporting the financing of educational facilities.
MURIELENROLLED BOWSERORIGINAL MAYORARESOLUTION April26-411 20,IN 2026THE TheCOUNCIL HonorableOF PhilTHE MendelsonDISTRICT ChairmanOF CouncilCOLUMBIA ofJune 2, 2026 To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to exceed $25 million of District of Columbia Johnrevenue A.bonds in one or more series pursuant to a plan of finance and to authorize and provide for the loan of the proceeds of such bonds to assist D.C.
WilsonPreparatoryAcademy Buildingin Pennsylvaniathe Avenue,financing, NW,refinancing, Suiteor 504reimbursing Washington,of DCcosts 20004associated Dearwith Chairmanan Mendelson:authorized project pursuant to section 490 of the District of Columbia Home RuleAct.
EnclosedRESOLVED, forBYTHE considerationCOUNCIL andOF adoptionTHE byDISTRICT theOF CouncilCOLUMBIA, ofThat thethis Districtresolution ofmay Columbiabe iscited aas proposedthe resolution titled “D.C.
PreparatoryPreparatoryAcademy Academy Revenue Bonds ProjectProjectApproval Approval Resolution of 2026”.
The resolution authorizes the issuance, sale, and delivery of tax-exempt revenue bonds, notes, or other obligations in an aggregate principal amount not to exceed $25,000,000.
The bonds will be used for the acquisition, renovation, equipping, and development of an approximately 42,000 square foot public charter school facility located at 711 Edgewood Street NE in Ward 5.
The proceeds will also be used to finance certain eligible working capital expenditures related to the bonds, to fund interest on the bonds, and to pay any associated credit enhancement costs, liquidity costs, or debt service reserve fund requirements.
In addition, the proceeds will be applied to the payment of allowable costs of issuance.
In accordance with section 490 of the Home Rule Act, it has been determined that the bonds, when, as, and if issued, shall be without recourse to the District.
The bonds shall not be general obligations of the District;
shall not be a pledge of or involve the full faith and credit or the taxing power of the District;
shall not constitute a debt of the District;
and shall not constitute a lending of public credit for a private undertaking as prohibited in section 602(a)(2) of the Home Rule Act.
The bonds shall not give rise to any pecuniary liability of the District, and the District shall have no obligation with respect to the purchase of the bonds.
I urge the Council to take prompt and favorable action on the enclosed measure.
Sincerely, Muriel E.
Bowser Enclosures ~ ~ atthe request ofthe Mayor 5 7 A PROPOSED RESOLUTION 9 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to exceed $25 million ofDistrict of Columbia revenue bonds in one or more series pursuant to aplan offinance and to authorize and provide for the loan ofthe proceeds ofsuch bonds to assist D.C.
Preparatory Academy in the financing, refinancing, or reimbursing ofcosts associated with an authorized project pursuant to section 490 ofthe District of Columbia Home Rule Act.
RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the "D.C.
Preparatory Academy Revenue Bonds Project Approval Resolution of2026".
For the purposes ofthisof this resolution, the term:
(1) "AuthorizedDelegate"“Authorized Delegate” means the Mayor or the Deputy Mayor for Planning and Economic Development, or any officer or employee oftheof the Executive Office oftheof the Mayor to whom the Mayor has delegated or to whom the foregoing individuals have subdelegated any oftheof Mayor'sthe Mayor’s functions under this resolution pursuant to section 422(6) oftheof the Home RuleRuleAct. Act.
(2) "Bond“Bond Counsel"Counsel” means a firm or firms ofattorneysof attorneys designated as bond counsel from time to time by the Mayor.
PreparatoryPreparatoryAcademy, Academy, a corporation organized and existing under the laws of the District of Columbia, qualified to do business in the District of Columbia, and exempt from federal income taxes under 26 U.S.C § 501(a) as an organization described in 26 U.S.C.
ENROLLED ORIGINAL (7) “Financing Documents” means the documents other than Closing Documents that relate to the financing, refinancing or reimbursement of transactions to be effected through the issuance, sale, and delivery of the Bonds and the making of the Loan, including any offering document, and any required supplements to any such documents.
(8) “Home RuleRuleAct” Act” means the District of Columbia Home RuleRuleAct, Act, approved December 24, 1973 (87 Stat.
(11) “Project” means the financing, refinancingrefinancing, or reimbursing of the Borrower for all or a portion of the Borrower's costs incurred in connection with:
(A) The acquisition, renovation, equippingequipping, and development of an approximately 42,000 square foot public charter school facility located at 711 Edgewood StreetStreet, NE, Washington, D.C.;DC;
(C) Funding interest on the Bonds and any credit enhancement costs, liquidity costscosts, or debt service reserve fund relating to the Bonds;
(1) Section 490 of the Home RuleRuleAct Act provides that the Council may by resolution authorize the issuance of District revenue bonds, notes, or other obligations (including refunding bonds, notes, 79 or other obligations) to borrow money to finance, refinance, or reimburse costs, and to assist in the financing, refinancing, or reimbursing of, the costs of undertakings in certain areas designated in section 490 and may effect the financing, refinancing, or reimbursement by loans made directly or indirectly to any individual or legal entity, by the purchase of any mortgage, note, or other security, or by the purchase, lease, or sale of any property.
ENROLLED ORIGINAL (2) The Borrower has requested the District to issue, sell, and deliver revenue bonds, in one or more series, in an aggregate principal amount not to exceed $25 million, and to make the Loan for the purpose of financing, refinancing, or reimbursing costs of the Project.
(4) The Project is an undertaking in the area of elementary, secondary and college and university facilities within the meaning of section 490 of the Home RuleRuleAct. Act.
(5) The authorization, issuance, sale, and delivery of the Bonds and the Loan to the Borrower are desirable, are in the public interest, will promote the purpose and intent of section 490 of the Home RuleRuleAct, Act, and will assist the Project.
(a) The Mayor is authorized pursuant to the Home RuleRuleAct Act and this resolution to assist in financing, refinancing, or reimbursing the costs of the Project by:
ENROLLED ORIGINAL (2) The principal amount of the Bonds to be issued and denominations of the Bonds;
(9) Procedures for monitoring the use of the proceeds received from the sale of the Bonds to ensure that the proceeds are properly applied to the Project and used to accomplish the purposes of the Home RuleRuleAct Act and this resolution;
(10)(10)Actions Actions necessary to qualify the Bonds under blue sky laws of any jurisdiction where the Bonds are marketed;
(b) The Bonds shall contain a legend, which shall provide that the Bonds are special obligations of the District, are without recourse to the District, are not a pledge of, and do not involve the faith and credit or the taxing power of the District, do not constitute a debt of the District, and do not constitute lending of the public credit for private undertakings as prohibited in section 602(a)(2) of the Home RuleRuleAct. Act.
(e) The Bonds of any series may be issued in accordance with the terms of a trust instrument to be entered into by the District and a trustee to be selected by the Borrower subject to the approval of the Mayor, and may be subject to the terms of one or more agreements entered into by the Mayor pursuant to section 490(a)(4) of the Home RuleRuleAct. Act.
ENROLLED ORIGINAL Sec.
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(b) The Mayor or ananAuthorized Authorized Delegate may execute, in connection with each sale of the Bonds, offering documents on behalf of the District, may deem final any such offering document on behalf of the District for purposes of compliance with federal laws and regulations governing such matters and may authorize the distribution of the documents in connection with the sale of the Bonds.
ENROLLED ORIGINAL (b) The Mayor is authorized to execute, in the name of the District and on its behalf, the Financing Documents and any Closing Documents to which the District is a party by the Mayor’s manual or facsimile signature.
9.9.Authorized delegation of authority.
Authorized delegation of authority.
The Bonds shall not be general obligations of the District, shall not be a pledge of, or involve the faith and credit or the taxing power of, the District, shall not constitute a debt of the District, and shall not constitute lending of the public credit for private undertakings as prohibited in section 602(a)(2) of the Home RuleRuleAct. Act.
(e)(e)All All covenants, obligations, and agreements of the District contained in this resolution, the Bonds, and the executed, sealed, and delivered Financing Documents and Closing Documents to which the District is a party, shall be considered to be the covenants, obligations, and agreements of the District to the fullest extent authorized by law, and each of those covenants, obligations, and agreements shall be binding upon the District, subject to the limitations set forth in this resolution.
ENROLLED ORIGINAL (f) No person, including, but not limited to, the Borrower and any Bond owner, shall have any claims against the District or any of its elected or appointed officials, officers, employees, or agents for monetary damages suffered as a result of the failure of the District or any of its elected or appointed officials, officers, employees or agents to perform any covenant, undertaking, or obligation under this resolution, the Bonds, the Financing Documents, or the Closing Documents, as a result of the incorrectness of any representation in or omission from the Financing Documents or the Closing Documents, unless the District or its elected or appointed officials, officers, employees, or agents have acted in a willful and fraudulent manner.
ENROLLED ORIGINAL (b) The District reserves the right to issue the Bonds in the order or priority it determines in its sole and absolute discretion.
This approval shall constitute the approval of the Council as required in section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), and section 490(k) of the Home RuleRuleAct, Act, for the Project to be financed, refinanced, or reimbursed with the proceeds of the Bonds.
The Council adopts the fiscal impact statement ofin the committee report as the fiscal impact statement required by section 4a of the General Legislative ProceduresProceduresAct Act of 1975, approved October 16, 2006 (120 Stat.
ENROLLED ORIGINAL Sec.
DC Preparatory Academy Public Charter School Revenue Bond FACT SHEET DC Preparatory Academy Public Charter School has requested that the District issue up to $25,000,000 of tax-exempt revenue bonds for renovations at their 711 Edgewood Street NE location in Ward 5.
The Applicant DC Preparatory Academy Public Charter School (“DC Prep”) is a network of public charter schools that focuses on bridging the educational divide by increasing the number of students from underserved communities with the academic preparation and personal character to succeed in competitive high schools and colleges.
DC Prep, now in its 22nd year of operation, serves 2,178 students.
The schools have 244 teachers and an additional 68 educators who provide direct student services.
In recent years, DC Prep has earned recognition for its academic excellence.
A 2023 Stanford University study found that DC Prep students gain the equivalent of 132 additional days of math instruction and 42 additional days of ELA instruction annually, the highest impact measured among all DC charter networks included in the study.
DC Prep is consistently honored by EmpowerK12 for exceptional academic gains among at-risk students, with Anacostia Middle Campus named a Bold Performance School in 2023 and again in 2024, joined by Edgewood Middle Campus.
Additional campuses have earned honorable mentions for their performance.
In its 20-year history, DC Prep has consistently ranked among the highest-performing networks of public schools citywide.
Each year, at least one DC Prep campus is named a “Bold Performance School,” a recognition awarded to only a small number of DC schools annually for excellence in serving the highest-need students.
Additionally, in the 2023 CREDO study conducted by Stanford University, researchers found that DC Prep added the most learning value for students of any DC-based school network.
DC Prep’s waitlist has remained substantial in recent years, though it has fluctuated by grade level and year.
After totaling 624 students in Fall 2021 and declining to 457 in Fall 2022, the waitlist rose to 493 in Fall 2023 and 467 in Fall 2024.
Most recently, in Fall 2025, the total waitlist declined to 362 students.
In Fall 2024, the largest waitlists were in middle school grades, including 126 for 6th grade, 148 for 7th grade, and 114 for 8th grade.
In Fall 2025, middle school demand remained the highest, with 95 students on the waitlist for 6th grade, 90 for 7th grade, and for 8th grade, while waitlists in earlier grades were generally much smaller.
The organization has received multiple charter renewals, including a 15-year renewal in 2018 and a successful five-year review in 2023.
DC Prep operates a diversified and fully enrolled portfolio of schools and has demonstrated strong historical financial performance, with a debt service coverage ratio (DSCR) above 3.00x and nearly 200 days cash on hand in FY 2025.
It is the third-largest charter school organization in the District by enrollment and has developed a consistent enrollment pipeline, supported by strong retention and continued growth to approximately 2,200 students in the 2025-2026 school year.
Academic outcomes have generally exceeded DC test averages for DC Preparatory Academy economically disadvantaged students, the network’s primary target population.
The organization does not rely on short-term leased facilities, contributing to a stable facilities expense profile.
DC Prep’s stated mission is to increase the number of students from underserved communities in Washington, DC who have academic preparation and personal character to succeed in competitive high schools and colleges, with the goal of preparing students academically and socially for future success.
The school’s success is also reflected in Office of the State Superintendent of Education’s 2023 School Report Card results.
Edgewood Middle Campus earned the highest summative score of any middle school in Washington, D.C., while Anacostia Middle Campus achieved the highest score of any school located east of the Anacostia River.
Benning Middle Campus ranked in the top 10% of all middle schools citywide.
DC Prep’s commitment to long-term student success extends well beyond middle school through its PrepNext program, which provides individualized support as students transition to high school and pursue postsecondary education.
The DC Prep network boasts a 94% all-time high school graduation rate—far above the citywide average of 75%and a 66% college graduation rate among its Class of 2015, compared to just 11% of their peers nationally.
Proposed Project The school’s property at 711 Edgewood Street NE will be fully gutted and renovated to serve as the new home of DC Prep’s Edgewood Middle Campus (EMC), which is currently located across the street at 701 Edgewood Street NE.
This project will alleviate the significant space constraints faced in EMC’s existing, outdated facility and provide students and staff with a modern, purpose-built educational environment.
The renovated building will include classrooms for 4th through 8th grades, along with dedicated rooms for art, drumming, and science instruction;
a full-size gymnasium, an outdoor play area, a cafeteria, a library, and additional spaces designed to support student programming.
Administrative offices and teacher work areas will be incorporated to ensure efficient school operations and a supportive workplace for staff.
This project has been in planning since September of 2025, when the school acquired the property.
The facility is not currently at capacity.
The bond issuance will not be used to increase enrollment at Edgewood Middle School;
instead, the bonds are intended to relocate Edgewood Middle School, and there are no expectations that this relocation will result in increased student enrollment at EMS.
Financing Plan A summary of the proposed sources and uses of funds is attached (see Table 1).
Feasibility/Structure/Security of the Bonds First Tryon Advisors has reviewed the financial feasibility of the proposed $25,000,000 Revenue Bond application.
Based on the assessment of the school’s financial position and financing DC Preparatory Academy needs, First Tryon Advisors believe such financing is feasible.
The bonds will be a general obligation of DC Prep.
Public Purpose Benefits This financing will further expand career, contracting, and educational opportunities for District residents and businesses.
DC Prep provides a high-quality educational option for parents and students in the District, with a programmatic focus on supporting social and emotional development to enhance academic engagement, establishing and maintaining the conditions necessary for a positive school culture, and cultivating a diverse and inclusive learning environment.
Legal and Regulatory Affairs The law office of Orrick, Herrington & Sutcliffe is assigned as bond counsel to the Revenue Bond Program and has preliminarily determined that DC Prep is a 501(c)(3) organization, and the project constitutes a permissible undertaking in Section 490(a)(1) of the District of Columbia Home Rule Act.
Based upon the information outlined in the application, the Revenue Bond Program staff has determined that the proposed project complies with the criteria for approval of a proposed financing transaction through the District’s Revenue Bond Program and will assist the Borrower in furthering its organizational mission.
DC Preparatory Academy TABLE 1 PROPOSED SOURCES AND USE OF FUNDS SOURCES OF FUNDS Bond Proceeds $25,000,000 Total Sources of Funds $25,000,000 USES OF FUNDS Hard Cost and Contingency $20,500,000 Architectural & Engineering 1,580,000 Developmental Management Fees 600,000 FF& E and Opening Costs 300,000 Miscellaneous 2,020,000 Total Uses of Funds $25,000,000 MICHELLE WALKER-DAVIS, Ed.D.
EXECUTIVE DIRECTOR November 17, 2025 RE:
Letter of Good Standing for DC Prep Public Charter School ToWhom It MayConcern:
This letter confirms that the charter held by DC Prep Public Charter School is in good standing with the DC Public Charter School Board, its school authorizer.
It has no outstanding issues with respect to any financial, academic or compliance matters.
Pleasefeel free tocontact mewithany follow-up questions atmwalkerdavis@dcpcsb.org.
Sincerely, Michelle Walker-Davis, Ed.D.
Executive Director District of Columbia Public Charter School Board M Street, SE, Suite 400, Washington, DC 20003 = (202) 328-2660 =mwalkerdavis@dcpcsb.org GOVERNMENT OF THE DISTRICT OF COLUMBIA Office of the Attorney General Commercial Division Tax and Finance Section MEMORANDUM TO:
William Liggins, Director D.C.
Revenue Bond-Enterprise Zone Program Office of the Deputy Mayor for Planning and Economic Development FROM:
Christopher E.
Hughes Jr.
Attorney Advisor DATE:
February 11, 2026 SUBJECT:
Legal Sufficiency Review:
D.C.
Preparatory Academy Revenue Bonds Project Approval Resolution of 2026 ____________________________________________________________________________ This responds to a request from your office to review for legal sufficiency the attached draft of the above-referenced proposed resolution.
For purposes of this review, this Office premises its conclusion on the assumption that your office has determined that the Borrower as defined in the aforementioned resolution is a “qualified applicant” within the meaning of Section 490 of the District of Columbia Home Rule Act.
A review of the attached draft of the above-referenced proposed resolution indicates that the draft proposed resolution conforms with the Model Revenue Bond Resolution jointly drafted and determined to be legally sufficient by the General Counsel of the Council, the Office of the Attorney General, and the District's bond counsel.
Accordingly, we find the attached draft of the above- referenced proposed resolution legally sufficient.
Please contact me at 805-7440 if you have further questions or concerns.
Attachments:
D.C.
Preparatory Academy Revenue Bonds Project Approval Resolution of 2025 Christopher E.
Hughes Jr.
Attorney Advisor Sixth Street, NW, Suite 10100 Washington, DC 20001 (202) 805-7440
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View plain text versions (2)
- Enrolled Enrollment Current pdf
- Introduced Introduction pdf
Action History
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Resolution R26-0411, Effective from Jun 02, 2026 Published in DC Register Vol 73 and Page 008397
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Approved with Resolution Number R26-0411
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Final Reading, CC
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Committee Mark-up of PR26-0660 by the Committee of the Whole
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Roundtable on PR26-0660 View Roundtable Record
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Revised Notice of Roundtable filed in the Office of Secretary by Committee of the Whole
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Notice of Public Hearing Published in the District of Columbia Register
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Referred to Committee of the Whole
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Notice of Public Hearing filed in the Office of Secretary by Committee of the Whole
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Notice of Intent to Act on PR26-0660 Published in the District of Columbia Register
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PR26-0660 Introduced by Chairman Mendelson at Office of the Secretary
Sponsors
- Phil Mendelson · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 13 not signed on
Sponsors (1)
Co-sponsors (0)
None.
"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
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- PR 26-0660 is sponsored by Phil Mendelson.
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- This bill has been enacted into law. Introduced April 20, 2026. Enacted.
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