In the following e-mail, sent to the Shalhevet community Jan. 17, Head of School Rabbi Ari Segal states that improved financial stability has made it possible to begin planning major remodeling or reconstruction of the school’s building.
School leaders have been working with a bank to take advantage of low interest rates, the e-mail says, and “a refinance is in sight.” It also says a committee has been studying possible remodel or reconstruction plan for two months.
“A crucial component of any plan will be the sale of an unused portion of the existing school site to help finance the endeavor,” Rabbi Segal states in the e-mail.
Rabbi Segal is traveling abroad during the semester break and cannot be reached for comment. His e-mail appears below.
Dear Shalhevet Community,
I write to you with profound excitement about the state of the school.
As we begin 2012, I am proud to report that the financial stability of Shalhevet School has taken a major step forward. Due to the efforts of many professionals including our business office, administrators and our dedicated teachers, we are operating under budget and with strong fiscal discipline while continuing to improve the educational product.
Our fundraising efforts show $800,000 in pledges, with fundraising events and solicitations continuing this semester. If you have any ideas of individuals who might be interested in participating in this important effort, please contact me directly. Even a small gesture, such as a personal phone call or tour will serve as the stimulus for a new financial commitment to our noble efforts.
Moreover, judging by the number of talented and qualified applicants for admission, I assert with confidence that next year’s class will be exceptional, which will help to strengthen our school even further.
Our greatest financial obligation is our mortgage. I am thrilled to share with you that due to the hard work of a number of dedicated lay people, friends and bankers, a refinance is in sight. This will alleviate much of the ongoing stress of meeting our daily operations expenses. We owe them tremendous hakarat ha’tov – gratitude for their tireless dedication to the school.
With a secure financial structure on the near horizon and day-to-day school operations running smoothly, we are considering a number of strategic options for the school’s physical space. In the last two months, a sub-committee has met with architects, city planners, lawyers, bankers and philanthropic partners to test the viability of moving forward with the development of a remodeled campus.
Among the options being considered are a basic refurbishment, a wholesale remodel or an entirely new facility. A crucial component of any plan will be the sale of an unused portion of the existing school site to help finance the endeavor. In making this decision, we will be considering several intertwined financial and logistical factors.
Whichever option we ultimately choose, we are focused on parlaying our real estate assets, historically low lending interest rates and the intense bidding wars within the real estate construction industry to improve our financial position and physical space while simultaneously reducing the school’s financial obligations. The result will offer the faculty and students the best possible surroundings to implement Shalhevet’s unique mission and to allow us to implement our vision for being the premier 21st Century Modern Orthodox Jewish Day School.
Regardless of the outcome, I hope you will agree that this is an extremely exciting time for our school and our community. As we move forward, I will communicate with you any newsworthy information.
With much excitement and anticipation,
Rabbi Segal
