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FINANCIAL_SERVICESAPPROVED

excel-academy-meeting-minutes-2023-09-14_9d0.pdf

Board Approves $500K Funding for 1 Baker Street Due Diligence

up to $250,000 due diligence budget plus $250,000 deposit (refundable as per schedule)Excel AcademyFRIENDS OF EXCELSeptember 14, 2023

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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Description

Excel Academy Board approved up to $250,000 for due diligence and a $250,000 refundable deposit, with funding to be made available through a new 0% interest promissory note from Friends of Excel for the potential acquisition of the 1 Baker Street property. The deposit becomes non-refundable in stages through March 2024.

Contract Details

Contract Amount

up to $250,000 due diligence budget plus $250,000 deposit (refundable as per schedule)

Vendor

FRIENDS OF EXCEL

Agency

Excel Academy, TX

Contract Type

FINANCIAL_SERVICES

Document Date

September 14, 2023

Contract Term

deposit schedule: Sept. 18, 2023 (initial), non-refundable portions increase on Dec. 1, 2023; Jan. 1, 2024; Feb. 1, 2024; March 1, 2024. Due diligence & deposit period through March 2024.

Renewal Date

2024-03-01

Renewal Info

Promissory note is newly established for this specific transaction; renewal is subject to further Board action if the acquisition progresses.

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excel-academy-meeting-minutes-2024-06-27_21f.pdf

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excel-academy-charter-district-meeting-minutes-2023-09-14_16d.pdf

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excel-academy-charter-district-meeting-minutes-2023-09-14_e30.pdf

AMENDED
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