North Star Charter School, which was faced with the possibility of closure in 2013, has restructured the long-term debt on its building, easing financial stress on the school.
North Star's new arrangement with bondholders drops its annual payment by 60 percent to an average of $487,000 a year.
Last year, the school nearly ran out of money as it put $1.2 million a year into bond payments on a $12 million building constructed in 2009 at 839 N. Linder Rd, Eagle.
North Star got short term funding to keep the school open, but a long term arrangement with bondholders was necessary to assure the its future, school officials said.
The new arrangement drops the interest rate from 9.75 percent to 6.75 percent and the total loan amount is down to $6.3 million.
“I would like to thank the entire North Star community—teachers, parents, students, board members and bondholders—for their patience, hard work and belief that our school was worth fighting for long-term,” said Jim Miller, North Star’s board chairman.
North Star's fall enrollment is expected to be 980 students.