The Knowledge is Power Program grant commitment of $12 million over ten years will expand KIPP's presence in the Los Angeles Unified School District. The grant will fund the start-up and operation of four new KIPP schools - two K-4 schools and two schools that serve students in grades five through eight. KIPP is considered to be the platinum standard for schools in the country, best known for its rigorous college-prep curriculum, high academic and behavioral standards, and longer school day and school year. KIPP currently has two middle schools in Los Angeles, both of which are vastly outperforming peer schools in Los Angeles and across California.
Pacific Charter School Development, Inc. is a non-profit real estate development organization that locates, finances, and builds low-cost facilities for high-quality charter schools, mostly in neighborhoods with chronically overcrowded and underperforming schools. The Broad Foundation will provide Pacific with $6.3 million over two years in project equity funding to develop facilities for high-quality charter management organizations in Los Angeles. To date, Pacific has developed nearly 5,000 seats in Los Angeles, and this grant will enable it to develop nearly 10,000 over the next three years. Pacific is able to develop seats for nearly a quarter of the cost as the Los Angeles Unified School District: Pacific can develop a seat for $15,000, compared with $60,000 for LAUSD.
Aspire Public Schools will establish 13 charter schools in Los Angeles through a five-year, $5 million grant. Charter schools, which are publicly funded schools that have been granted charters exempting them from state or local rules and regulations, provide healthy competition for all K-12 public schools. Los Angeles is home to more charter schools and more students who attend charter schools than any other city in the country. By bringing charter schools to critical masses, their higher performance will put pressure on the Los Angeles Unified School District's other public schools to improve performance.
The KIPP grant will fund two new charter schools for kindergarten through fourth grade and two new charter schools for fifth through eighth grade, serving 2,000 students. Pacific Charter School Development, Inc - the first non-profit charter school developer of its kind - plans to develop 10,000 new 'seats' in the next three years for the most overcrowded and neediest areas in Los Angeles. The grant to Aspire Public Schools will fund 13 charter schools.
School Year, 2007-2008 - Aspire will open three new charter schools
November 1, 2007 - Aspire will meet a $12 million matching funds requirment
December,2007 - Pacific Charter School Development will have finished building 4,500 seats
December, 2007 - Aspire will secure charter approval and hire a principal and faculty for each new charter school
March 2008 - A 501(c)(3) for KIPPLA will be formed
2008 - First Kipp school funded by the Broad Foundation will be opened