D.C. Preparatory Academy Revenue Bonds Project Approval Resolution of 2026

MURIEL BOWSER
MAYOR

April 20, 2026

The Honorable Phil Mendelson
Chairman
Council of the District of Columbia
John A. Wilson Building
1350 Pennsylvania Avenue, NW, Suite 504
Washington, DC 20004

Dear Chairman Mendelson:

Enclosed for consideration and adoption by the Council of the District of Columbia is a proposed
resolution titled “D.C. Preparatory Academy Revenue Bonds Project 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

~ ~
3 at the request of the Mayor
4
5
6
7 A PROPOSED RESOLUTION
8
9
10
11 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
12
13
14
15 To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to
16 exceed $25 million of District of Columbia revenue bonds in one or more series pursuant
17 to a plan of finance and to authorize and provide for the loan of the proceeds of such bonds
18 to assist D.C. Preparatory Academy in the financing, refinancing, or reimbursing of costs
19 associated with an authorized project pursuant to section 490 of the District of Columbia
20 Home Rule Act.
21
22 RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this
23 resolution may be cited as the "D.C. Preparatory Academy Revenue Bonds Project Approval
24 Resolution of 2026".
25 Sec. 2. Definitions.
26 For the purposes of this resolution, the term:
27 (1) "Authorized Delegate" means the Mayor or the Deputy Mayor for Planning and
28 Economic Development, or any officer or employee of the Executive Office of the Mayor to whom
29 the Mayor has delegated or to whom the foregoing individuals have subdelegated any of the
30 Mayor's functions under this resolution pursuant to section 422(6) of the Home Rule Act.
31 (2) "Bond Counsel" means a firm or firms of attorneys designated as bond counsel
32 from time to time by the Mayor.
2
(3) “Bonds” means the District of Columbia revenue bonds, notes, or other 33
obligations (including refunding bonds, notes, and other obligations), in one or more series, 34
authorized to be issued pursuant to this resolution. 35
(4) “Borrower” means the owner of the assets financed, refinanced, or reimbursed 36
with proceeds from the Bonds, which shall be D.C. Preparatory Academy, a corporation organized 37
and existing under the laws of the District of Columbia, qualified to do business in the District of 38
Columbia, and exempt from federal income taxes under 26 U.S.C § 501(a) as an organization 39
described in 26 U.S.C. § 501(c)(3). 40
(5) “Closing Documents” means all documents and agreements other than Financing 41
Documents that may be necessary and appropriate to issue, sell, and deliver the Bonds and to make 42
the Loan, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar 43
instruments. 44
(6) “ District” means the District of Columbia. 45
(7) “Financing Documents” means the documents other than Closing Documents 46
that relate to the financing, refinancing or reimbursement of transactions to be effected through the 47
issuance, sale, and delivery of the Bonds and the making of the Loan, including any offering 48
document, and any required supplements to any such documents. 49
(8) “Home Rule Act” means the District of Columbia Home Rule Act, approved 50
December 24, 1973 (87 Stat. 774; D.C. Official Code § 1-201.01 et seq.). 51
(9) “Issuance Costs” means all fees, costs, charges, and expenses paid or incurred in 52
connection with the authorization, preparation, printing, issuance, sale, and delivery of the Bonds 53
and the making of the Loan, including, but not limited to, underwriting, legal, accounting, rating 54
agency, and all other fees, costs, charges, and expenses incurred in connection with the development 55
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and implementation of the Financing Documents, the Closing Documents, and those other 56
documents necessary or appropriate in connection with the authorization, preparation, printing, 57
issuance, sale, marketing, and delivery of the Bonds and the making of the Loan, together with 58
financing fees, costs, and expenses, including program fees and administrative fees charged by the 59
District, fees paid to financial institutions and insurance companies, initial letter of credit fees (if 60
any), compensation to financial advisors and other persons (other than full-time employees of the 61
District) and entities performing services on behalf of or as agents for the District. 62
(10) “Loan” means the District’s lending of proceeds from the sale, in one or more 63
series, of the Bonds to the Borrower. 64
(11) “Project” means the financing, refinancing or reimbursing of the Borrower for 65
all or a portion of the Borrower's costs incurred in connection with: 66
(A) The acquisition, renovation, equipping and development of an 67
approximately 42,000 square foot public charter school facility located at 711 Edgewood Street 68
NE, Washington, D.C.; 69
(B) Funding certain working capital costs, to the extent financeable relating 70
to the Bonds; 71
(C) Funding interest on the Bonds and any credit enhancement costs, 72
liquidity costs or debt service reserve fund relating to the Bonds; and 73
(D) Paying allowable Issuance Costs. 74
Sec. 3. Findings. 75
The Council finds that: 76
(1) Section 490 of the Home Rule Act provides that the Council may by resolution authorize 77
the issuance of District revenue bonds, notes, or other obligations (including refunding bonds, notes, 78
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or other obligations) to borrow money to finance, refinance, or reimburse costs, and to assist in the 79
financing, refinancing, or reimbursing of, the costs of undertakings in certain areas designated in 80
section 490 and may effect the financing, refinancing, or reimbursement by loans made directly or 81
indirectly to any individual or legal entity, by the purchase of any mortgage, note, or other security, 82
or by the purchase, lease, or sale of any property. 83
(2) The Borrower has requested the District to issue, sell, and deliver revenue bonds, in one 84
or more series, in an aggregate principal amount not to exceed $25 million, and to make the Loan 85
for the purpose of financing, refinancing, or reimbursing costs of the Project. 86
(3) The Project is located in the District and will contribute to the health, education, safety, 87
or welfare of, or the creation or preservation of jobs for, residents of the District, or to economic 88
development of the District. 89
(4) The Project is an undertaking in the area of elementary, secondary and college and 90
university facilities within the meaning of section 490 of the Home Rule Act. 91
(5) The authorization, issuance, sale, and delivery of the Bonds and the Loan to the 92
Borrower are desirable, are in the public interest, will promote the purpose and intent of section 490 93
of the Home Rule Act, and will assist the Project. 94
Sec. 4. Bond authorization. 95
(a) The Mayor is authorized pursuant to the Home Rule Act and this resolution to assist in 96
financing, refinancing, or reimbursing the costs of the Project by: 97
(1) The issuance, sale, and delivery of the Bonds, in one or more series, in an 98
aggregate principal amount not to exceed $25 million; and 99
(2) The making of the Loan. 100
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(b) The Mayor is authorized to make the Loan to the Borrower for the purpose of financing, 101
refinancing, or reimbursing the costs of the Project and establishing any fund with respect to the 102
Bonds as required by the Financing Documents. 103
(c) The Mayor may charge a program fee to the Borrower, including, but not limited to, an 104
amount sufficient to cover costs and expenses incurred by the District in connection with the 105
issuance, sale, and delivery of each series of the Bonds, the District’s participation in the monitoring 106
of the use of the Bond proceeds and compliance with any public benefit agreements with the 107
District, and maintaining official records of each bond transaction and assisting in the redemption, 108
repurchase, and remarketing of the Bonds. 109
(d) The Bond authorization set forth in this resolution includes the authorization to issue 110
refunding Bonds to refinance any Bonds previously issued under this resolution to finance the 111
Project; provided that the maximum principal amount of Bonds outstanding at any time does not 112
exceed the maximum principal amount of Bonds authorized hereunder. 113
Sec. 5. Bond details. 114
(a) The Mayor and each Authorized Delegate is authorized to take any action reasonably 115
necessary or appropriate in accordance with this resolution in connection with the preparation, 116
execution, issuance, sale, delivery, security for, and payment of the Bonds of each series, including, 117
but not limited to, determinations of: 118
(1) The final form, content, designation, and terms of the Bonds, including a 119
determination that the Bonds may be issued in certificated or book-entry form; 120
(2) The principal amount of the Bonds to be issued and denominations of the 121
Bonds; 122
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(3) The rate or rates of interest or the method for determining the rate or rates of 123
interest on the Bonds; 124
(4) The date or dates of issuance, sale, and delivery of, and the payment of interest 125
on the Bonds, and the maturity date or dates of the Bonds; 126
(5) The terms under which the Bonds may be paid, optionally or mandatorily 127
redeemed, accelerated, tendered, called, or put for redemption, repurchase, or remarketing before 128
their respective stated maturities; 129
(6) Provisions for the registration, transfer, and exchange of the Bonds and the 130
replacement of mutilated, lost, stolen, or destroyed Bonds; 131
(7) The creation of any reserve fund, sinking fund, or other fund with respect to the 132
Bonds; 133
(8) The time and place of payment of the Bonds; 134
(9) Procedures for monitoring the use of the proceeds received from the sale of the 135
Bonds to ensure that the proceeds are properly applied to the Project and used to accomplish the 136
purposes of the Home Rule Act and this resolution; 137
(10) Actions necessary to qualify the Bonds under blue sky laws of any jurisdiction 138
where the Bonds are marketed; and 139
(11) The terms and types of credit enhancement, if any, under which the Bonds may 140
be secured. 141
(b) The Bonds shall contain a legend, which shall provide that the Bonds are special 142
obligations of the District, are without recourse to the District, are not a pledge of, and do not 143
involve the faith and credit or the taxing power of the District, do not constitute a debt of the 144
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District, and do not constitute lending of the public credit for private undertakings as prohibited in 145
section 602(a)(2) of the Home Rule Act. 146
(c) The Bonds shall be executed in the name of the District and on its behalf by the manual 147
or facsimile signature of the Mayor, and attested by the Secretary of the District of Columbia by the 148
Secretary of the District of Columbia’s manual or facsimile signature. The Mayor’s execution and 149
delivery of the Bonds shall constitute conclusive evidence of the Mayor’s approval, on behalf of the 150
District, of the final form and content of the Bonds. 151
(d) The official seal of the District, or a facsimile of it, shall be impressed, printed, or 152
otherwise reproduced on the Bonds. 153
(e) The Bonds of any series may be issued in accordance with the terms of a trust instrument 154
to be entered into by the District and a trustee to be selected by the Borrower subject to the approval 155
of the Mayor, and may be subject to the terms of one or more agreements entered into by the Mayor 156
pursuant to section 490(a)(4) of the Home Rule Act. 157
(f) The Bonds may be issued at any time or from time to time in one or more issues and in 158
one or more series. 159
Sec. 6. Sale of the Bonds. 160
(a) The Bonds of any series may be sold at negotiated or competitive sale at, above, or 161
below par, to one or more persons or entities, and upon terms that the Mayor considers to be in the 162
best interest of the District. 163
(b) The Mayor or an Authorized Delegate may execute, in connection with each sale of the 164
Bonds, offering documents on behalf of the District, may deem final any such offering document on 165
behalf of the District for purposes of compliance with federal laws and regulations governing such 166
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matters and may authorize the distribution of the documents in connection with the sale of the 167
Bonds. 168
(c) The Mayor is authorized to deliver the executed and sealed Bonds, on behalf of the 169
District, for authentication, and, after the Bonds have been authenticated, to deliver the Bonds to the 170
original purchasers of the Bonds upon payment of the purchase price. 171
(d) The Bonds shall not be issued until the Mayor receives an approving opinion from Bond 172
Counsel as to the validity of the Bonds of such series and, if the interest on the Bonds is expected to 173
be exempt from federal income taxation, the treatment of the interest on the Bonds for purposes of 174
federal income taxation. 175
Sec. 7. Payment and security. 176
(a) The principal of, premium, if any, and interest on, the Bonds shall be payable solely from 177
proceeds received from the sale of the Bonds, income realized from the temporary investment of 178
those proceeds, receipts and revenues realized by the District from the Loan, income realized from 179
the temporary investment of those receipts and revenues prior to payment to the Bond owners, other 180
moneys that, as provided in the Financing Documents, may be made available to the District for the 181
payment of the Bonds, and other sources of payment (other than from the District), all as provided 182
for in the Financing Documents. 183
(b) Payment of the Bonds shall be secured as provided in the Financing Documents and by 184
an assignment by the District for the benefit of the Bond owners of certain of its rights under the 185
Financing Documents and Closing Documents, including a security interest in certain collateral, if 186
any, to the trustee for the Bonds pursuant to the Financing Documents. 187
(c) The trustee is authorized to deposit, invest, and disburse the proceeds received from the 188
sale of the Bonds pursuant to the Financing Documents. 189
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Sec. 8. Financing and Closing Documents. 190
(a) The Mayor is authorized to prescribe the final form and content of all Financing 191
Documents and all Closing Documents to which the District is a party that may be necessary or 192
appropriate to issue, sell, and deliver the Bonds and to make the Loan to the Borrower. Each of 193
the Financing Documents and each of the Closing Documents to which the District is not a party 194
shall be approved, as to form and content, by the Mayor. 195
(b) The Mayor is authorized to execute, in the name of the District and on its behalf, the 196
Financing Documents and any Closing Documents to which the District is a party by the Mayor’s 197
manual or facsimile signature. 198
(c) If required, the official seal of the District, or a facsimile of it, shall be impressed, 199
printed, or otherwise reproduced on the Financing Documents and the Closing Documents to which 200
the District is a party. 201
(d) The Mayor’s execution and delivery of the Financing Documents and the Closing 202
Documents to which the District is a party shall constitute conclusive evidence of the Mayor’s 203
approval, on behalf of the District, of the final form and content of the executed Financing 204
Documents and the executed Closing Documents. 205
(e) The Mayor is authorized to deliver the executed and sealed Financing Documents and 206
Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale, and 207
delivery of the Bonds, and to ensure the due performance of the obligations of the District contained 208
in the executed, sealed, and delivered Financing Documents and Closing Documents. 209
Sec. 9. Authorized delegation of authority. 210
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To the extent permitted by District and federal laws, the Mayor may delegate to any 211
Authorized Delegate the performance of any function authorized to be performed by the Mayor 212
under this resolution. 213
Sec. 10. Limited liability. 214
(a) The Bonds shall be special obligations of the District. The Bonds shall be without 215
recourse to the District. The Bonds shall not be general obligations of the District, shall not be a 216
pledge of, or involve the faith and credit or the taxing power of, the District, shall not constitute a 217
debt of the District, and shall not constitute lending of the public credit for private undertakings as 218
prohibited in section 602(a)(2) of the Home Rule Act. 219
(b) The Bonds shall not give rise to any pecuniary liability of the District and the District 220
shall have no obligation with respect to the purchase of the Bonds. 221
(c) Nothing contained in the Bonds, in the Financing Documents, or in the Closing 222
Documents shall create an obligation on the part of the District to make payments with respect to 223
the Bonds from sources other than those listed for that purpose in section 7. 224
(d) The District shall have no liability for the payment of any Issuance Costs or for any 225
transaction or event to be effected by the Financing Documents. 226
(e) All covenants, obligations, and agreements of the District contained in this resolution, 227
the Bonds, and the executed, sealed, and delivered Financing Documents and Closing Documents to 228
which the District is a party, shall be considered to be the covenants, obligations, and agreements of 229
the District to the fullest extent authorized by law, and each of those covenants, obligations, and 230
agreements shall be binding upon the District, subject to the limitations set forth in this resolution. 231
(f) No person, including, but not limited to, the Borrower and any Bond owner, shall have 232
any claims against the District or any of its elected or appointed officials, officers, employees, or 233
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agents for monetary damages suffered as a result of the failure of the District or any of its elected or 234
appointed officials, officers, employees or agents to perform any covenant, undertaking, or 235
obligation under this resolution, the Bonds, the Financing Documents, or the Closing Documents, as 236
a result of the incorrectness of any representation in or omission from the Financing Documents or 237
the Closing Documents, unless the District or its elected or appointed officials, officers, employees, 238
or agents have acted in a willful and fraudulent manner. 239
Sec. 11. District officials. 240
(a) Except as otherwise provided in section 10(f), the elected or appointed officials, officers, 241
employees, or agents of the District shall not be liable personally for the payment of the Bonds or be 242
subject to any personal liability by reason of the issuance, sale or delivery of the Bonds, or for any 243
representations, warranties, covenants, obligations, or agreements of the District contained in this 244
resolution, the Bonds, the Financing Documents, or the Closing Documents. 245
(b) The signature, countersignature, facsimile signature, or facsimile countersignature of 246
any official appearing on the Bonds, the Financing Documents, or the Closing Documents shall 247
be valid and sufficient for all purposes notwithstanding the fact that the individual signatory 248
ceases to hold that office before delivery of the Bonds, the Financing Documents, or the Closing 249
Documents. 250
Sec.12. Maintenance of documents. 251
Copies of the specimen Bonds and of the final Financing Documents and Closing 252
Documents shall be filed in the Office of the Secretary of the District of Columbia. 253
Sec.13. Information reporting. 254
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Within 3 days after the Mayor’s receipt of the transcript of proceedings relating to the 255
issuance of the Bonds, the Mayor shall transmit a copy of the transcript to the Secretary to the 256
Council. 257
Sec. 14. Disclaimer. 258
(a) The issuance of Bonds is in the discretion of the District. Nothing contained in this 259
resolution, the Bonds, the Financing Documents, or the Closing Documents shall be construed as 260
obligating the District to issue any Bonds for the benefit of the Borrower or to participate in or assist 261
the Borrower in any way with financing, refinancing, or reimbursing the costs of the Project. The 262
Borrower shall have no claims for damages or for any other legal or equitable relief against the 263
District, its elected or appointed officials, officers, employees, or agents as a consequence of any 264
failure to issue any Bonds for the benefit of the Borrower. 265
(b) The District reserves the right to issue the Bonds in the order or priority it determines in 266
its sole and absolute discretion. The District gives no assurance and makes no representations that 267
any portion of any limited amount of bonds or other obligations, the interest on which is excludable 268
from gross income for federal income tax purposes, will be reserved or will be available at the time 269
of the proposed issuance of the Bonds. 270
(c) The District, by adopting this resolution or by taking any other action in connection with 271
financing, refinancing, or reimbursing costs of the Project, does not provide any assurance that the 272
Project is viable or sound, that the Borrower is financially sound, or that amounts owing on the 273
Bonds or pursuant to the Loan will be paid. Neither the Borrower, any purchaser of the Bonds, nor 274
any other person shall rely upon the District with respect to these matters. 275
Sec. 15. Expiration. 276
If any Bonds are not issued, sold, and delivered to the original purchaser within 3 years of 277
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the date of this resolution, the authorization provided in this resolution with respect to the issuance, 278
sale, and delivery of the Bonds shall expire. 279
Sec. 16. Severability. 280
If any particular provision of this resolution, or the application thereof to any person or 281
circumstance is held invalid, the remainder of this resolution and the application of such provision 282
to other persons or circumstances shall not be affected thereby. If any action or inaction 283
contemplated under this resolution is determined to be contrary to the requirements of applicable 284
law, such action or inaction shall not be necessary for the purpose of issuing of the Bonds, and the 285
validity of the Bonds shall not be adversely affected. 286
Sec. 17. Compliance with public approval requirement. 287
This approval shall constitute the approval of the Council as required in section 147(f) of 288
the Internal Revenue Code of 1986, as amended (the “Code”), and section 490(k) of the Home 289
Rule Act, for the Project to be financed, refinanced, or reimbursed with the proceeds of the 290
Bonds. This resolution approving the issuance of the Bonds for the Project has been adopted by 291
the Council after a public hearing held in accordance with section 147(f) of the Code, as such 292
section may be amended, and the corresponding regulations promulgated by the United States 293
Department of the Treasury. 294
Sec. 18. Transmittal. 295
The Council shall transmit a copy of this resolution, upon its adoption, to the Mayor. 296
Sec. 19. Fiscal impact statement. 297
The Council adopts the fiscal impact statement of the committee report as the fiscal 298
impact statement required by section 4a of the General Legislative Procedures Act of 1975, 299
approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a). 300
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Sec. 20. Effective date. 301
This resolution shall take effect immediately. 302
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
95 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

2
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

3
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

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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

100 M Street, SE, Suite 400, Washington, DC 20003 = (202) 328-2660 =mwalkerdavis@dcpcsb.org
MICHELLE WALKER-DAVIS, Ed.D. EXECUTIVE DIRECTOR
November 17, 2025
RE: Letter of Good Standing for DC Prep Public Charter School
To Whom It May Concern:
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.
Please feel free to contact me with any follow-up questions at mwalkerdavis@dcpcsb.org.
Sincerely,
Michelle Walker-Davis, Ed.D.
Executive Director
District of Columbia Public Charter School Board

400 Sixth Street, NW, Suite 10100 Washington, DC 20001 (202) 805-7440

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