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If these charter schools close are they able to then turn around and sell the schools for more than they paid for them? Or do they have to sell them back to the schools corporations from which they got them for a dollar?
Question of all questions right here. This is the long term bigger issue.
Best I can tell from reading what I think was a bill (SB 358) passed in 2021, they can sell the building but now have to give the proceeds back to the school? Looks like this was a loophole that was closed.
SECTION 5. IC 20-26-7.1-5, AS ADDED BY P.L.270-2019,
SECTION 13, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2021]: Sec. 5. (a) If a school building is sold to a charter
school
or state educational institution
under section 3 or 4 of this chapter and the charter school
or the state educational institution,
or
any subsequent owner, subsequently sells or transfers the school
building to a third party, the charter school
or state educational
institution,
or subsequent owner, must transfer an amount equal to the
gain in the property minus the adjusted basis (including costs of
improvements to the school building) to the school corporation that
initially sold the vacant school building to the charter school
or the
state educational institution.
Gain and adjusted basis shall be
determined in the manner prescribed by the Internal Revenue Code and
the applicable Internal Revenue Service regulations and guidelines.
(b) A charter school
or state educational institution
that purchases
a school building assumes total control of the school building and must
maintain the school building, including utilities, insurance,
maintenance, and repairs. In the event a:
(1) charter school does not use the school building for classroom
instruction;
or
(2) state educational institution does not use the school building for an academic purpose; within two (2) years after acquiring the school building, the school building shall revert to the school corporation, which may sell or otherwise dispose of the school building under IC 36-1-11
(Line formatting is trash thanks to the Legislature’s website.)
It is astounding that Republican legislators passed the “Buck for a Building” scheme while also harping about the benefits of the free market system which they allege is under attack by “socialist” Democrats. Lo and behold, the GOP in this instance supplants the Democrats when it comes to picking winners and losers in the public-vs-charter schools battle.
It’s a massive dis-incentive for school systems to right size their infrastructure, and another massive government handout to charter schools.
Base charter school should have to operate under the same constraints regarding buildings that public schools do in the fact that they should have to pay market value for the schools. They can afford to pay teachers more if they don’t have to invest in infrastructure like a building
These charter schools should have to operate under the same constraints regarding buildings that public schools do in the fact that they should have to pay market value for the schools. They can afford to pay teachers more if they don’t have to invest in infrastructure like a building
I’m not sure if any other state has a law like this one. Some states require public school districts to accept the highest bid, even if it is a charter school that can draw students and make the district’s attempt to maximize financial efficiency unsuccessful.
Indiana is an extreme outlier in requiring buildings worth millions to be given away for the token sum of $1.